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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10234
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My parents live with me and the house is in my sole name. My

Resolved Question:

My parents live with me and the house is in my sole name. My brother has a mental disability. Upon the death of my parents is it possible for half of their estate to be left to him in a trust for me to administer for him and for me to have the other half. (minus any gifts that they wish to give to other individuals).
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.
Hello and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
The best way to ensure that the money your parents wish to leave for your brother is through the use of a trust.
Trusts are simply an arrangement whereby money or other assets are held by one set of people (the trustees) for another set of people (the beneficiaries). The document setting up the trust sets out the rules as to how the trust fund is to be used and there are many forms of trust available, each having particular characteristics depending on their objectives and differing tax treatments.
The most appropriate form of trust to cater for mentally incapable beneficiaries is a Discretionary Trust. The particular characteristic of this form of trust is that, although there is a range of beneficiaries who could benefit from the trust, none of them is actually entitled to benefit. The trustees have the discretion to pay some or all of the trust fund to any one or more of the beneficiaries as and when they choose.
The trust can be used to provide for the mentally incapable beneficiary without the risk that they will lose their means tested benefits, because they are not entitled to the money and it can be paid out for their benefit in such a way that it never counts as assessable for any means tested benefits that your Brother may be receiving.
A local Wills Solicitor will be able to assist in drafting the Wills for your parents.
I hope this assists and answers your question.
Kind Regards
AL
Customer: replied 2 years ago.

If in the meantime, my parents become infirm to the extent that they would need to go into residential care, would their money be able to be used to pay for this and how would this be dealt with?

Customer: replied 2 years ago.
Relist: Incomplete answer.
Expert:  Aston Lawyer replied 2 years ago.
Hi Jennifer,
Sorry for the delay in replying- I had to go out.
Whenever a person goes into a Nursing Home, they have to pay the required fees if they are not entitled to state help.
A Will only comes into effect when that person dies, and likewise any Trust would only begun upon death. Therefore, only whatever money your parents left at the date of death would pass to you and the Trust for your Brother.
I hope this clarifies matters.
Kind Regards
AL
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10234
Experience: Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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