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A different kind of bequest

Helen Freely and Katie Underhill consider the wealth preservation structures available to clients who need to bequeath assets to a vulnerable individual

28 October 2015

Special circumstances arise when someone wishes to leave significant sums of money to a vulnerable or incapacitated person. This criteria usually applies when the person lacks the mental capacity to manage their finances, whether through fluctuating mental illness, such as bipolar or schizophrenia, or more permanent disabilities such as Down's syndrome related capacity issues, or Alzheimer's.

Early considerations

There are certain considerations that need to be taken into account that are not so applicable for someone who has no disability, such as:

  • Is the disability long or short-term?

  • What level of decisions can they make? Is this likely to deteriorate?

  • Do they have assets in their sole name already?

  • ...

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