The second part of our recent podcast between Sarah Wakeman, Fundraising and Business Development Manager at Carers Trust Heart of England and Partner at Wright Hassall, Richard Dundee, explores essential strategies for safeguarding vulnerable individuals, whether they are family members or loved ones. From securing financial stability to ensuring proper care, here’s what you need to know. Key Insights: Establish a Lasting Power of Attorney (LPA): An LPA is a critical legal tool that allows a trusted person to manage the affairs of someone who loses the capacity to do so. It’s the first step in protecting vulnerable adults from unforeseen circumstances. The Role of Trusts in Estate Planning: - Trusts are a secure way to manage and distribute inheritance for vulnerable individuals. - They ensure funds are used appropriately, don’t disrupt state support or benefits, and protect against potential exploitation. - Trusts can also be tailored to release assets at specific ages or under conditions aligned with the individual’s needs. Avoid Direct Inheritance Pitfalls: Directly transferring assets to a vulnerable person can lead to financial misuse, loss of benefits, or exploitation. Trusts offer an alternative that balances access to funds with necessary safeguards. Broader Definitions of Vulnerability: Vulnerability isn’t limited to physical or mental health challenges. It can also include youth, financial instability, or turbulent relationships. Tailored planning helps address these factors effectively. The Importance of Professional Advice: Careful planning with the guidance of legal experts ensures that your loved ones are protected now and in the future. Next Steps: To learn more about how to protect your loved ones or explore estate planning options, please do get in touch. Our experts are here to help you create a plan that ensures long-term security and peace of mind. Make informed decisions now to protect the people who matter most.
Disclaimer: This podcast contains material for general information purposes only and does not constitute legal or other professional advice. Every effort is made to ensure that the content is accurate and up to date but users should always seek specific legal advice before taking, or refraining from, an action or relying on the legal information given here
Although Wright Hassall can assist with a number of legal matters, individuals should visit the firm's website or make direct contact to confirm whether the legal advice or service required is provided.