Disability protection is an essential pillar of estate planning. Have you ever given a thought to what may happen to you if you become disabled? Who will look after your family or be in charge of your business if you become permanently or temporarily disabled, due to a stroke or a car accident? What happens if you become mentally incapacitated and cannot do things for yourself anymore? While this is something you may not like to think about, disability protection is an important topic that we need to discuss.
What should you know about disability protection and trusts?
- There are some advantages of establishing a living (inter vivos) trust that you should consider. If you (the estate owner) become mentally incapacitated through sickness or injury, a trust prevents the need to appoint a curator bonis to manage your affairs.
- Depending on your (the trust founder’s) circumstances, a trust can be utilized to control assets on behalf of beneficiaries who can’t do so themselves, for instance, in the case of a mentally or physically handicapped child.
- Establishing a special trust for a mentally disabled or incapacitated person does allow for the safe custody of assets.
Do you have a disability plan in place?
Disability planning is vital, especially during the uncertain times we are living in. If you have never had a disability plan created, now is the time to do so. Planning for disability cannot be neglected or put off. Planning for disability is a necessity, even during the COVID-19 pandemic. As a Trust Specialist, I can create a tailor-made disability plan that suits your unique needs and circumstances. I have created a ‘Declaration of Wishes’ document that offers clear guidelines on how to carry out your wishes in many situations.
I will create a plan that protects your rights, ensuring that your personal wishes are carried out. Please book a consultation with me today to learn more about the importance of disability planning and disability protection.
DR MERVIN MESSIAS
JD (Juris Doctor) / BA, LLB (Wits) / TEP (Trust & Estate Practitioner)
Schedule an appointment with my Executive Assistant, Jutleth Mkhonza. Email email@example.com or call +27 (0) 11 783 0108.