Alternates to Leaving Money for a Child with a Learning Disability; courtesy of Will and Probate Solicitors
If you have a child with a learning disability you will probably do whatever you can to make sure that they live a comfortable life. You will also make sure that they are provided with the necessary care so that they may overcome their disability or simply survive it for that matter. However, making sure that your child is provided with the same lifestyle after your death is the real challenge. In the text below we will look at the different option available for leaving behind money for a disabled child as recommended by leading will and probate solicitors.
Make No Will:-
Once you die your estate will be transferred to your surviving children and spouse according to the Rules of Intestacy. You will not be able to decide on how much each child will get or how much your disabled child will inherit.
- You have no control over the distribution of the estate and you will not be able to make special provisions for your disabled child.
Make Special Provisions in Will:-
On the other hand, you can leave behind a will you can mention special instructions regarding the affairs of the disabled child.
- You can decide on how much should be left for your disabled child.
- According to will and probate solicitors due to your child’s disability he/she might not be able to gain access to those funds. Furthermore, they may no longer be eligible for state benefits based on their disability.
Create a discretionary Trust:-
You can create a trust that comes into existing after your death to manage your disabled child’s affairs.
- You can choose the trustees.
- You can make sure that the disabled child has access to the funds.
- The trustees have complete control on how and the when the assets will be used and there is no guarantee that they will be used in a way you like.