When planning to protect the future of a loved one with special needs, it often involves getting ‘a team’ in place. By team, I mean those who would care for our young person(s) or help with decision-making and money, when we are no longer here. But what if you have no team?
Raising a child with special needs can be all-consuming, and on top of this, it may be that you don’t have others supporting you. So what can you do if you have ‘no team?’ I can empathise. From personal experience I have struggled to take my son out, to make new friends and there were many times when we vowed – after a meltdown in public for example – never to go out again. We still don’t have a bank of ‘helpers’ we can call upon.
Making a decision without every piece of the puzzle
Sometimes we need to make the best decision we can with the information available to us at the time. This may mean making a decision without knowing all of the facts, such as the long-term outlook for our children, or without having the ‘ideal’ guardian in mind for example. But if we don’t make the decision – who will? Thankfully, there are options for those who don’t have a ready-made team. There are professionals that will help you.
Trustees
One such role that a professional may be able to fill, is that of a trustee. A trustee is someone who takes responsibility for managing and looking after money or assets that have been left in trust, for the benefit of another. Trusts have been used for centuries to protect and control property or assets, and have long had a role in protecting the vulnerable. You may have considered using a trust within your will for example, or to hold money for someone with vulnerabilities within in your lifetime.
Professional trustees
If you don’t have friends or family members willing to become trustees, or simply put don’t know who you can trust, it may be worth considering a Professional Trustee. These are legal professionals, solicitors for example, who are experienced in managing a trust, in a professional capacity. Professional Trustees are well-versed in trustee duties, and whilst they have no entitlement to the assets within the trust, they are duty bound to act in the best interests of the beneficiary (the person who benefits from the trust.)
There may also be an argument for appointing a Professional Trustee in conjunction with lay trustees. Why? Well, lay trustees are non-professionals, they could be friends or family members and may well appreciate the guidance and advice that a professional can offer. I’ve seen the two working together to great effect, should lay trustees not be familiar with financial or legal matters, perhaps.
Summary
It is important to know that just because you don’t have a support network to call upon, it does not stop you from being able to plan for the future. I know many parents who have put-off planning for years, for this very reason, and I do understand how difficult it can be. However please know two things:
- You don’t have to wait until you have all of the pieces of the puzzle in place
- If you don’t have a team, there are professionals who can act with and for you
You can put your own unique plan in place and gain very valuable peace of mind.
