Financial Planning

Some families draw up a will that omits the relative, who benefits instead from a living trust fund. Another relative acts as trustee or co-trustee with a financial institution. A lawyer who specializes in this work should be consulted.

Consider these suggestions when making financial arrangements for the future care needs of your mentally ill relative:
–It is recommended that the will be reviewed at least every five years and revised if necessary.
–A trustee is given considerable authority as to how the trust is administered. Therefore make the choice carefully. It is important that the trustee be reasonably close in age to the beneficiary. –Your will should make provisions for an alternate trustee should the original trustee die before the beneficiary.
–Consider the possibility that the beneficiary may some day be capable of handling his own funds.

For further information on trust funds, wills and related concerns, Sharing the Care: Financial and Legal Considerations in Planning for People with Mental Disabilities in Quebec (2010) is available in English or French. You can download it here:

Sharing the Care ENGLISH
Une responsabilité à partager FRANCAIS

AMI can also advise you on the subject of your relative’s future social needs. Call us for further information and resources.