TRUST FUND

[Help_me_out]

How do I set up some finance for my 11 year old Grandson

He is in a Special School

Non verbal at school - only speaks to his parents and 7 year old sister but difficult to understand.

He is autistic with severe learning difficulties - with developmental coordination disorder amongst other . Born with talipes so both he & immediate family have had a trying time.

I would hope any funds could be managed initially by his parents & in the future by his sister.

Ragards

Jeremy

[Charlie2750 Community friend]

Hello Help_me_out welcome to forum

I saw your question and thought I could make suggestion but other people may have experience. A trust fund can be set up by a solicitor who has experience but ask about "discretionary trust fund for disabled people because any money in a fund is not exempt from tax but some are treated lightly.

A trust fund enables you to put money aside until it is needed and because it is in trust the beneficiary (your grandson) does not get it to count as his income and it will not affect benefits which are means tested., however I understand that some local authorities may have cottoned on to this and may have a work around!!Discretionary means that the trustees give money out at their discretion for specials like holidays new tv new furnitureand that is why it is not classed as income. You can also buy premium bonds .Be aware of certain loopholes because I heard that some money in accounts for children may not be easily accessable by parents unless they get a Court of protection order which is costly and I gather it is cumbersome with paperwork.Last bit is to set up a trust fund with Mencap which is probably a good idea in veiw of they visit to check on your grandson and make sure that he has what he needs but this is maybe after parents and you are no longer around. A trust fund apparently has running costs. If money to set up is a problem you can sometimes pick up an offer via a reputable charity and a solicitor.I made a will and the solicitors costs went to a hospice in the southwest! I am thinking of changing to Mencap but I still have other things more pressing.I hope I dont leave it too late.

I waffled a bit but I hope that may be a start. Good luck.

[Charlie2750 Community friend]

Hello again I just spotted a note written by "cautiouscandy" on trusts but I did not read it all yetso have a look at her posts onbenefits etc

[FELTSPAR in reply to Charlie2750]

Hello Charlie2750

You have provided helpful experience and ideas.

You have also made reference to cautiouscandy,

Please can you provide the link as nothing comes up in the search!

[Charlie2750 Community friend in reply to FELTSPAR]

cautiouscandy is a member and if you search er name in members she(presuming she is a she) you will find a list of replies to posts one of which is titled "Max savings allowed in order to get benefits. There is a lengthy response which I have not read through but skimming it mentions discretionary trusts etc.

[FELTSPAR in reply to Charlie2750]

THANK YOU CHARLIE

[Maurice_Mencap Partner]

Hello Help_me_out , thanks for your post. Mencap has a wills and trusts team that can offer advice about this - you can get in touch with them on 0207 696 6925 or [e-mail]. Hope that helps.