This week, we ask how to set up a disabled trust with the help of legal experts Prestige Tax and Trust Services.
Everyone Needs to Consider Setting up a Trust
When people hear the word trust, they tend to immediately think of the rich and famous. That it’s all about trust funds. However, anyone can set up a trust, as they are designed to allow an individual to manage the assets of another.
This means that everyone should consider setting up a trust when they have a dependant in their life to consider, such as children. With a trust, should something happen to you, those people in your life who for one reason or another are not able to manage assets, will see those assets protected and administered effectively.
The Definition of a Disabled Trust
Now we turn to the subject of disabled trusts; essentially a trust to protect the financial well-being of a disable person. Specifically, this a type of special needs or personal injury trust, which contains funds received due to personal injury, or a trust established to protect the assets of a disabled person.
Traditionally, a disabled trust is put into place by a third party for the benefit of another person, i.e. a child with disability. In some cases, such as a disabled trust related to personal injury, the trust is designed to supplement, rather than replace, any benefits the party in question is legally entitled to.
This is How You Set up a Disabled Trust
Now you know what a disabled trust is, we can tell you how to set one up. As long as a person is disabled, as defined by government guidelines, you can set up a trust for them in the same way that you would most normal trusts i.e. pilot trusts, as long as you get professional help, as trust law can be complex.
That is why when you decide it’s time to set up a disabled trust, you should come to Prestige Tax and Trust Services. We have the necessary legal knowledge to ensure that any vulnerable people in your life are effectively cared for by a disabled trust.