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?
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I am not sure what limits will apply for benefits and if a trust is still the best plan for this amount of money. But the Wills and Trust may be able to help.
Of course, in the ideal case, you need to turn to the services of a lawyer who will tell you exactly how to do the right thing here. For me, it seems too responsible an act to say something that I'm not 100% sure about. Suppose you still want to do everything yourself. In that case, I can advise you to issue a special card to put this money there at a percentage and grow overtime on this account. I did the same when I found some useful articles on greedyrates.ca/, which prompted me not to keep money at home but to make it work and increase
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My Mum was in the same situation before she died. A discretionary trust fund was set up and has worked well so far. Our circumstances are slightly different in that my brother has siblings so we are the Trustees of the trust and can withdraw the money for my brother's benefit when necessary. Setting up the Trust bank account was a nightmare, only one bank would offer the type of account we needed.
Thanks for your reply, my post is from a year ago and I’m still no further forward! I attended a seminar by Mencap online (due to Covid) about Discretionary Trusts. As I said because I’m on benefits, cared for my son all my life, I’m only allowed 10,000 in savings at my age. During the seminar they said unless you have over 10,000 it’s not really worth setting up a trust. I told them my situation and they asked me to contact them later so they could look into it. It took months for me to get to speak to a solicitor who said I could set one up with 10,000 !!! Was your mum on benefits? It does feel like discrimination as I really had no choice in giving up my job I loved and the last thing I wanted was to be on benefits. Also we don’t have close family and it would be counterproductive paying a solicitor or MENCAP to look after the trust. I just want my son to benefit from this small amount of money.
Really don't know why being on benefits makes any difference whatsoever as the Trust is set up with any amount of money. My Mum was 96 when she died and the Trust was set up just before then. Mum had never been employed and lived off benefits since 1984 when my Dad died. No working pensions involved or anything. A solicitor registered the Trust and I opened a Trust bank account and lodged the money in it. Whenever my brother has extra money saved from his benefits I add it to the Trust bank account. Have you considered setting up the account in both of your names, then if you passed away before your son the monies would still be there for his benefit without any change needing to be made to the account? One thing to consider is what would happen to any monies in the Trust when the last person named in the Trust dies.
Thanks again for your reply. Am I presuming rightly that there is no limit to what you can put in the trust.I thought you couldn’t add to a discretionary trust and it only could be active when I die. May I ask what was involved in setting up the trust bank account and which bank did you go with. Sorry for all the questions thankyou
We are in Scotland. We used Clydesdale Bank, not sure which banks in England offer this service.
"You can set up a Discretionary Trust during your lifetime, or you can write it into your Will so that in the event of your death, your wishes are actioned.
As Settlor, you can prepare a Letter of Wishes alongside your Will. This effectively serves as instructions to your appointed Trustees advising them on when, and in what circumstances your beneficiaries should receive assets. However, a Letter of Wishes is not a legally binding document, and your Trustees are by no means legally bound to abide by its contents. They can still act at their discretion, for example, if they feel a beneficiary is not responsible enough to receive the assets.".
Our Trust was set up in Mum's lifetime and we can add monies to it. My brother's siblings are the Trustees as well as potentially being beneficiaries, although we won't be unless my brother dies before the siblings, this is just because we have all agreed that the monies are only for his use.
Setting up the Trust is really something that a solicitor needs to do. It shouldn't cost you anything to get advice about this from a local solicitor who handles family law.
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