Protecting Vulnerable Beneficiaries
How to Ensure Your Loved Ones are Taken Care of After Your Death with Wills and Trusts
When creating a Will or Trust, it’s important to consider how your assets will be distributed after your death. However, if you have a beneficiary who is underage, has special needs, or is otherwise vulnerable, it’s even more critical to ensure that they are protected and taken care of.
Here are some tips on how to protect your vulnerable beneficiaries with Wills and Trusts:
Set up a Trust: A Trust is a legal arrangement where a trustee holds and manages assets on behalf of a beneficiary. This can be an effective way to ensure that your vulnerable beneficiary’s needs are met, even if you’re no longer around to provide for them. A Trust can be tailored to the specific needs of your beneficiary, such as providing for their healthcare, education, or living expenses.
Name a Guardian: If you have a minor child, it’s important to name a Guardian in your Will. This person will be responsible for taking care of your child if you’re no longer around to do so. It’s essential to choose someone you trust and who is capable of providing for your child’s physical, emotional, and financial needs.
Consider a Disabled Trust : If your beneficiary has a disability or special needs, a Disabled Trust can be established to ensure that they are provided for without jeopardising their eligibility for government benefits. This type of Trust can be designed to provide for the beneficiary’s needs while still allowing them to receive government assistance.
Provide for a Trusted Caretaker: If your vulnerable beneficiary is an adult with special needs, it’s essential to ensure that they have a trusted caretaker who can provide for their needs. This could be a family member or a professional caregiver, depending on the circumstances. By providing for a trusted caretaker, you can ensure that your beneficiary’s needs are met even if you’re no longer around to do so.
Work with an Experienced Solicitor: Creating a Will or Trust can be complex, especially when dealing with vulnerable beneficiaries. It’s essential to work with an experienced solicitor who can guide you through the process and ensure that your wishes are carried out correctly.
Protecting vulnerable beneficiaries is crucial when creating a Will or Trust. By taking the time to consider their needs and providing for them in your estate plan, you can ensure that they are taken care of and have a bright future ahead of them.