Many family members help out their ill relatives financially with especially needed expenditures or with help to promote independence. As the family members grow older, however, they become increasingly concerned about how their son, daughter or sibling, suffering from schizophrenia, will be able to manage after the family members are gone or are too old to handle financial matters. The same concern applies should there ever be unexpected death, by which family members are no longer around.
The North Shore Schizophrenia Society has information on these matters, particularly on establishing discretionary trusts, by which disability benefits are protected and the management of funds is done by third parties, often family members. These trusts can also be established independently of wills, as “living trusts,” that function while the donors are still living.
The information on discretionary trusts covers the following aspects:
- Trusts explained
- Why set up a trust?
- Disability benefits and their rules
- Setting up a trust
- Discretionary trusts
- Non-discretionary trusts
- What can the trust pay for?
- Setting up a discretionary trust
- Choosing trustees
- Where to look for professional help
- Leave a legacy
Also something to think about in making out your will is a provision for a bequest to the NSSS. Bequests are an important way to contribute and help ensure that the NSSS will be able to carry on its work – “to alleviate the suffering caused by schizophrenia and other serious mental illnesses.” Leaving a charitable bequest can save you money on your taxes right now, and there are several ways to support our work without leaving less money for your loved ones.
Most current information on RDSPs, including a tutorial, guide, and calculator.
North Shore Disability Resource Centre
Programs and services for people with a disability, their family members, caregivers, and supports.