Hi just looking for some suggestions. I am 72 my son with SLD is 46, no other family. I was a midwife before my son was born and unfortunately had to give up my job when my son was 5 years old due to becoming a single parent. This was late 70’s early 80’s as there was no childcare and it was a full time job caring for him on my own. Obviously I was on benefits after working full time in a job I loved which was a shock but you do learn to cut your cloth, consequently I don’t own property. Right up until I received my state pension I was allowed £6,000 savings and on reaching pension age I’m allowed 10,000 whoopee.
What would be the best way to leave this for my son without it impacting on his benefits as he is just allowed £6,000 savings. Is a discretionary trust the only way for such a small amount of money and no property involved. We have been restricted so much during our lifetimes through no fault of ours, and these meagre saving amounts have never changed. I just want him to benefit in a small way when I’m not here and don’t want this to end up in the states pot, they have taken enough. I have made a will but that wouldn’t protect it. Any suggestions?