Managing trusts and tax

Protecting the inheritance of a vulnerable adult beneficiary

The deceased had a dependant adult child who had relied on them for financial support throughout their life. The child was in their 40s but had struggled to retain employment and had difficulties supporting themselves due to health problems, issues with money management and gambling.

It was a priority for the family that the funds were available for the child’s long-term support and welfare. There was a concern that, if the inheritance were left to the beneficiary outright, it would be vulnerable to dissipation, abuse or future creditors. It was important that the family were able to ring-fence the inheritance for the child’s benefit so that they had access to money to maintain themselves at an appropriate level for the rest of their life.

Thomson Snell & Passmore were appointed head trustee of a trust in the child’s favour and, working closely with the family and their accountant, we were able to actively manage the fund and assist the beneficiary in meeting their housing needs, purchasing property through the trust. With the benefit of the fund management and ongoing support, the child has now secured their first job and they are learning to live independently, with reduced need for the trust funds.

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