How to create a testamentary trust for a disabled child
“I am the single parent of a child with severe disabilities. What can I do in relation to providing for them in my Will? I want to ensure that they are properly taken care of when I am no longer able to.”
You are not alone in worrying about what will happen to your child who suffers from severe disabilities after you are gone. Many families in Australia, struggle with this issue and how to ensure that their child is cared for properly after they are no longer able to, from everyday living to their financial security.
There is a way to ensure that your child is looked after when you are gone and this can be done by providing for them in your Will. This is usually done by setting up a Testamentary Trust. A Testamentary Trust appoints a Trustee to look after your child’s inheritance and use it for your child’s benefit.
One advantage of setting up a Testamentary Trust in your Will, is that it will only come into effect after you are gone. Another advantage of a Testamentary Trust is that, it can be an effective way to minimise any impact that receiving an inheritance from your Estate, may have on your child’s pension or social security payments.
How a lawyer can help
The best way to ensure that your child who suffers a severe disability is properly taken care of when you are gone, is to make an appointment with an expert Wills and Estates Lawyer to discuss setting up a Testamentary Trust in your Will.
Your expert Wills and Estates Lawyer will be able to advise you on the appointment of a Trustee for the Testamentary Trust, which is an extremely important decision when you consider that they will be looking after your Estate for the benefit, of your severely disabled child and making decisions on your child’s behalf.
Seeking expert legal advice will also allow you to plan and minimise any issues in relation to pensions, or social security payments being received by your child, that would be impacted on receiving an inheritance as well as other taxation considerations, that may impact on the value of your Estate.
To give yourself peace of mind, and to ensure your severely disabled child is properly cared for, after you are gone, make an appointment with an expert Wills and Estates Lawyer today.