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In Control Factsheet 33 Wills and Trusts

In Control Factsheet 33 Wills and Trusts

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Published by In Control
Fact sheet 33 Wills and trusts
Fact sheet 33 Wills and trusts

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Published by: In Control on Dec 20, 2010
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Self-directed support
fact sheet
To get more help
 contact In Control.Tel:
01564 821 650
Email In Control
help@in-control.org.uk
Find more fact sheets at:www.in-control.org.uk/factsheets
Page
1
o 
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This fact sheet wasproduced by In Controland Mencap as part of In Control and Me, a lottery funded project.www.in-control.org.uk/icandme
33
Wills and trusts: leavingmoney to someone witha disability
By writing a will and setting up a trust, you can make sure that a amily memberor riend with a disability will get thefnancial support and protection theyneed ater your death.This act sheet has been written to giveparents, amily members and carershelpul inormation about writing a willand setting up a trust, and includes linksto urther inormation.
 
fact sheet
To get more help
 contact In Control.Tel:
01564 821 650
Email In Control
help@in-control.org.uk
Page
2
o 
12
Find more fact sheets at:www.in-control.org.uk/factsheets
This fact sheet wasproduced by In Controland Mencap as part of In Control and Me, a lottery funded project.www.in-control.org.uk/icandme
33
The basic facts
Many parents have told Mencap that writing a will has giventhem extra peace o mind or the uture, especially i their sonor daughter is unable to look ater their fnances themselves.When you are thinking about making a will, or updating anexisting will, there are many things to consider, and it is alwaysa good idea to seek proessional advice at this time. You mayalso want to talk to other members o your amily and keepthem inormed about your decisions.Setting up a trust means you can leave money or a amilymember or riend without them having to worry about theresponsibility o looking ater it in their lietime. It is also a wayo avoiding applications to the Court o Protection or a deputyto be appointed to deal with their fnances i they are not ableto manage looking ater the money themselves.
More information
Why make a will?
I you want to provide or the fnancial uture o a amilymember or a riend with a disability, it is important that you make a will.I you don’t, you will have no control over how your moneyand possessions (called your estate) will be shared out ater your death.
This might affect someone with a disability in your familyin the following ways:
 They may not get the things that you wantthem to have – or they may get too much money.
 The money you leave may be paid to themdirectly even i they are unable to manage it.
 It may aect their means-tested state benefts.
 It may place them in a vulnerable position asothers may try to take advantage o them becauseo their money.
 
fact sheet
To get more help
 contact In Control.Tel:
01564 821 650
Email In Control
help@in-control.org.uk
Page
3
o 
12
Find more fact sheets at:www.in-control.org.uk/factsheets
This fact sheet wasproduced by In Controland Mencap as part of In Control and Me, a lottery funded project.www.in-control.org.uk/icandme
33
By writing a will, you can make sure the people you care aboutwill get the right fnancial support and protection when you die.
What do I need to consider before writingor updating my will?
There are a number o things you need to think about beoremaking your will:
1. Make a rough list of everything you own
This includes all your assets and liabilities and their value inmoney. Assets are everything that you own like your home,car, jewellery, savings accounts, investments or anything elseo value. Liabilities are everything that you owe like yourmortgage, loans and debts.
2. Think about who you would like to benet fromyour will and what you would like to give them
The people who will beneft rom your will are calledbenefciaries. You may want to think about amily members,riends and charities – any git to charity is tax-ree. You canmake specifc gits such as your house, jewellery or a avouritepainting, or you can make a git o a sum o money.
3. Think about who you would like to be the executor of your will
An executor is the person you ofcially appoint to make surethat the wishes in your will are carried out.
4. If your child or children are under 18, think about whetheryou would like to appoint a guardian for them
A guardian is a person you ofcially choose to look ater yourchildren i they are under the age o 18.
5. Think about whether you need to set up a trust for a familymember or friend with a disability
A trust is a legal arrangement that allows a person or anorganisation to look ater someone else’s money. I you decideto set up a trust, you will need to decide who you would liketo manage the trust – these people are called trustees. We willtalk about trusts in more detail later in this act sheet.For more inormation you can order Mencap’s ‘Guide to making your will’ atwww.mencap.org.uk/willsandtrustspublications 

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