Thanks.
I will look at setting up a trust.
My son is in full-time non-advanced education (in theory, though not so much in practice) and has never had ESA.
Thanks for your advice.
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I was told by a solicitor that wills can be changed by a Deed of Variation up to 18 months after someone dies. It was a huge surprise to me! As I understand it if the beneficiaries agree, then changes can be made. So if the will is changed so that instead of the young man getting the money directly, it goes into a discretionary trust, it could be spent on housing or anything else, but not count as his property as far as DWP are concerned. I am NOT a solicitor, just someone who has done a trust like this for my beneficiaries. One of M’s friends was left some money and his mum has to use it all up before the LA pays anything. So unfair. It may already be too late for this young man, but it might just be in time.
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@bowlingbun you would think they would have been told this at the time wouldn’t you by the solicitor who did the estate for his grandad.and it would have been done straight away, I knew there was trusts that could be opened for people with disabilities to stop the DWP from getting them that’s all I know. I not heard of discretionary trust I’ll have to have a read. One of Ms friends mum had to use all the money up before the LA. would pay. Was she out of time to set a trust up or do a deeds of variation. But I suppose she could do one of those or they would say disposing of assets. I never knew you could change a will , I always thought when a will was wrote that was it.
That’s why I’ve mentioned it. I studied Business Law as part of my degree, but sadly not things like this. The key issue is the 18 month “window” but I don’t know much more than that. Maybe someone with a bit of time to spare could do some research for the forum?
@Clareg1964 , nice one. let us know how things go.
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@bowlingbun As I’ve said before, we did this. A deed of variation (can be fairly informal) has to be done within two years of the death. Here’s the government site on it:
As you know, it depends on who the beneficiaries are - the main beneficiaries have to agree, obviously. In our case, my brother and I needed to avoid huge inheritance tax implications if he died before I did, which it was expected he would.
I cannot say anything about the timing of trusts because although I qualified as a solicitor, I have no experience of this.
Thanks Greta, I’d actually forgotten that you did this for your brother. Hope you are well.
I feel as if this is a stupid question, but is there any reason why you can’t use the inheritance towards your current mortgage in exchange for your son receiving a share of the property you’re living in? It will reduce one cost at least.
I am extremely well but somehow addicted to reading the horror stories of carers. I am nearly 80 and concentrating on a bit of weights training and swimming although would like to read all the time. Best wishes to all of you on here.
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Yes this is something I’m currently looking into!