Arranging financial security for daughter's future - what to do?

gingernut68

Hi. We have a disabled daughter and obviously are not going to be around for ever to look after her. We're flummoxed about what to do now in order to ensure she has financial security in the future, does anyone else have experience of this please, or advice for us on where to start? 

surfygoose

My mum looked online at mencap she said about putting money in to a trust for when her and dad are gone. I don’t know much about it but that she was looking at it as a possibility, she said that it costs a lot to get the advice and the setting it up but it’s a way to have trustees look after the money and release it for things you need. I know she was considering it in case it’s helpful.

Otherwise just make sure to support her to be claiming all the right benefits already that she may be entitled to. Then she will already be financially independent. Maybe my mum and dad will end up having to use all their money for their own nursing home care when they get old or maybe they can do the trust fund or maybe I would just inherit money, and if so I would lose means tested benefits for a while and use that money and then go back on benefits when the money ran out, so I guess it’s good just to make sure she is on the right benefits because then no matter what happens she will be financially independent.

bookrabbit

I know someone who's daughter has ASD who is going to make sure that as their dependent she will be able to continue to collect on their pensions after they are gone. If you have a good pension that could be a good option. 

April2018mom

Heya. 

Talk with a trustworthy financial advisor in order to start with. Ask about what they recommend in terms of your options. Martin Lewis website is another good source of decent information. Good luck. You can truly do this. Make full use of the internet. 

Request a meeting. They will hopefully be able to offer more advice on all things finance related here. Take a pen with you on the day of the meeting in question. There are special needs trusts, investigate that option in more detail. 

You can use the internet to find a advisor quite easily these days. See if you can meet them in person. Make up some brief summary notes in any case too. Take a close and careful look at the information on there in addition to begin making your inquiries. Cast your net wide to get decent results to use. Secure a appointment. You are in my prayers. 

Collect a few different names of financial advisors one by one. Compile a list. Refer back to it constantly. Be sure to get all your burning questions answered. In other simpler words leave no stone unturned as the old saying is. Read far deeper beyond the lines to hire a good financial advisor. The forum on Martin Lewis website is full of useful information to read. Post there with your questions.