Trusts for young adults

Hi, our 19 year old son lives at home with us at the moment. We think it is unlikely that he will ever have a job, however we hope that he may one day live independantly.

If he inherits a modest amount of money (but that is just over the threshold) I imagine that he could lose any housing or care that has been set up for him.

We would like to set up a trust for him in anticipation that if he inherits any money from grandparents (or us, looking to the future) he will not find that all his finances and accommodation change. I imagine that any money would go into the trust and trustees would release amounts for certain things over the course of many years. Does anyone have any information about this please? I have heard that money from trusts can be used for specific items but that basically the adult continues to live in their usual way.

If there is no trust, I am anxious that he would find that he loses any accommodation and/or support that is set up for him, then after using up the money he would need to try and access care and support again.

Does anyone know of information / ideas?


Parents Reply Children