According to Scope.Org.Uk there are 14.1 million people registered as disabled in the UK, some of which may be described as vulnerable.
The Department of Health defines a vulnerable adult as a person who is aged 18 or over that is or may need community care services because of a disability (mental or other), age or illness and is someone who could be unable to look after themselves, or protect themselves from harm or exploitation.
Many of us may know someone who is categorised as vulnerable and in which case you may like to make sure they are looked after when you’re not around. You can do this through effective estate planning and the good news is that Philip Anthony Associates are on hand to help.
We can help you create trusts to make provision for disabled or vulnerable people and these trusts can be and are often written into your Will. Then, upon your death your executors and trustees will create the trust, and safeguard the assets you have decided for the benefit of the vulnerable person.
Here’s a typical example of when we might set up a Vulnerable Persons Trust. A vulnerable person may be financially reliant upon you for money and unable to manage their own finances. In which case you want to make sure that if something happened to you, they would still have financial support.
We could create a trust that your executors and trustees (these may be the same people) could set up and manage to drip feed money to the vulnerable person as and when they need it. It would be a discretionary trust so that the trustees have the power to decide when money might be needed (based on the best interests of the person in question).
Deciding on how these trusts operate is something that we would discuss with you and we’re also on hand to make sure that they’re set up properly as part of the probate process.
Any questions, please let us know.