This article tells you what you need to know about making a will. Making a will means you can pass your money and the things you own (your assets) to a relative or someone close to you when you die. If that person has a mental illness you might want to set up a trust for them.
Planning ahead can help make sure your relative gets the most out of their inheritance.
An inheritance could affect your relative’s entitlement to benefits. It 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. The trustees will hold your money and assets in trust for your relative. They 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.