How can I ensure my loved ones are supported after I have gone?
If you care for a loved with mental health issues, you might be worried about how they will manage if you are no longer around. We know it's difficult to think about, but putting a plan in place now can be reassuring and give you that all-important peace of mind.
You might have thought about how your money and things you own (your assets) can pass to your relatives or carers when you die. This article looks at how you can plan this by writing a will or setting up a trust – we call the person you want to leave your money and assets to ‘your relative’.
Inheritance could affect your relative’s entitlement to benefits and could lead to them being charged for social care services. A ‘discretionary trust’ may help to avoid these problems.
A ‘discretionary trust’ means that your money and assets pass to ‘trustees’ instead of your relative, so the trustees will hold your money and assets in trust for your relative and these trustees will make decisions about when your relative can have money.
It is possible to write your will yourself, however, if the issues are complicated or if you plan to set up a trust, it is important to speak to a solicitor.