Do you look after a vulnerable adult?
How to plan for the future using specialist Wills and Trusts
At a recent Carers Centre workshop, Philip Warford presented an online video seminar and talked about the options available to protect a vulnerable person using specialist Wills and Trusts. Philip explained how you can safeguard means tested benefits and how you can provide financial security for a vulnerable person as well as the rest of your family.
Having an up-to-date Will in place goes some way to provide for a vulnerable loved one. However, in some cases it has the potential to create further problems. If you or a family member are considering leaving money directly to a vulnerable person you can put them at considerable risk of financial abuse and you might affect their entitlement to means tested benefits and social support. As an alternative, you may ask a sibling or close family member to ‘look after’ an inheritance on their behalf, but this also carries significant risk if that person is later faced with divorce or bankruptcy.
Philip Warford is Managing Director of Renaissance Legal, he specialises in helping families and carers of disabled and vulnerable people plan for their future using Wills, Trusts, Powers of Attorney, Court of Protection applications and Inheritance Tax Planning.