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Carers week: wills and trusts for carers

Carers week is an annual event aimed at recognising the importance of those caring for others.

This year the campaign sets out to make caring more visible and involves charities such as Age UK, Carers Trust, Oxfam GB, Motor Neurone Disease Association and Rethink Mental Illness.

According to Carers UK, since the Covid19 pandemic took hold, there are now an additional 4.5 million people caring for older, disabled or seriously ill relatives or friends.

It’s estimated that around 1.5 million carers are over 65 years, many with long term health problems or a disability themselves.

In addition, almost 1.5 million people care for someone with a mental health problem and a further million care for someone with learning disabilities.

Caring for someone else makes it even more important that your own personal affairs are in order.

What you can do

WILL – make sure you have a will that reflects your important role and sets out how the people you care for should be taken care of if you’re not around anymore.

TRUSTS – a discretionary trust can be used to make sure that someone with a learning disability gets the maximum benefit from any money they inherit.

POWER OF ATTORNEY – perhaps think about whether the person you care for can make a power of attorney while they still have capacity to make their own decisions. These can deal with property and finances or health and welfare. Once someone loses capacity they can no longer make a power of attorney and someone has  to apply to the Court of Protection to become their deputy, a lengthy and expensive procedure.

Dealing with finances

The Ministry of Justice has issued strict guidelines that must be applied when looking after someone else’s money, whether as a deputy, attorney or on an informal basis.

Compensation awards

If you or someone you are caring for receives substantial compensation following settlement of a medical negligence claim or a personal injury claim,  a Personal Injury Trust can be put in place to protect the money.

Need help?

Our highly experienced team is on hand to offer advice, guidance and support with any of the above issues. Call 01302 320621 or email info@athertongodfrey.co.uk

 

 

 

 

 

 

 

 

 

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