Penny Wright, Partner in our Inheritance Protection team has been featured in The Telegraph, discussing why you should appoint one or more legal guardians who would assume parental responsibilities for children under the age of 18.
She mentions the importance of “discretionary” trusts allowing you to ring-fence money for your children while retaining some control over how it is spent via trustees who you appoint. This is particularly useful for disabled children who may inadvertently be barred from means-tested disability and other benefits if they receive an inheritance directly.
Two thirds of 1,000 parents of disabled children surveyed by the law firm did not have a trust in place even though they did have a will. Penny also warns against giving one child’s share to another person, even a sibling, stating the possibility of disagreements of family break-ups, it could lead to financial.
To read the full article, click here