|
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.
Provision is usually made in wills for such
contingencies. In the case of provision for
those suffering from schizophrenia and receiving
disability benefits, however, the question
arises as to whether such provision will
disqualify their loved one from their disability
benefits, undermining both their welfare and
their security. There's also the thorny question
of how to make sure their loved one won't
fritter any inheritance away, should they
relapse into psychosis or simply because they
are not able to manage money well.
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.
An annual Wills and Estate Planning Workshop,
open to the public, is held every November.
Contact the Family Support Centre for
information on the next session. |
|
2010 North Shore Schizophrenia Society.