Planning for the future

Legal and financial planning can seem overwhelming, especially for autistic adults and carers of autistic individuals. 

However, taking the time to understand the options available and making informed decisions can give you peace of mind and financial security for the future. Here, we discuss some of the essentials of legal and financial planning, focusing on wills, trusts, and other key considerations for the autism community.

The importance of legal and financial planning

Organising your legal and financial plans is key to making sure autistic individuals have the support and resources they need throughout their lives. It means setting up plans that cover everything from money matters to healthcare choices and living arrangements. For carers in particular, having these plans in place is crucial for ensuring there’s ongoing care and support even when they can’t provide it themselves. It’s all about making sure everyone’s future is secure and well taken care of.

Key elements of legal and financial planning

• Wills
• Trusts
• Guardianship and Powers of Attorney
• Specialist Advice and Support
• Financial Planning and Benefits

Wills: securing the future

A will is a legal document that outlines how an individual’s assets will be distributed upon their death. For autistic individuals and families and carers of autistic individuals, having a will ensures that you or your loved one's future is secure and that your needs are met.

Creating a will can be done in several ways: through a solicitor for expert advice and customisation; online services for convenience and affordability; DIY kits for simple, low-cost solutions; will-writing services for moderate support and cost; using a public trustee for free or low-cost professional management; joint or mutual wills for combined planning by couples; and holographic wills, which are handwritten and quick but legally risky. Each method varies in cost, complexity, and the level of legal support provided.

Creating a will

Creating a will is an important step in planning for the future, especially when caring for an autistic individual. It involves several key steps, such as listing all your assets, deciding who will inherit them, designating a guardian for ongoing support if needed, appointing a trusted person to execute your wishes, and consulting a solicitor to ensure everything is legally binding. For the autism community, a will provides clear instructions on how care should be managed, offering peace of mind and preventing family disputes. It ensures that the autistic individual receives consistent and reliable support, making it an essential part of future planning.

Trusts: managing assets for long-term care

Trusts are legal arrangements that allow one person (the trustee) to manage assets on behalf of another (the beneficiary). They are particularly useful for ensuring that autistic individuals have financial support throughout their lives.

Types of trusts

• Discretionary trusts: Provide trustees with the discretion to decide how the trust’s assets are used. This flexibility can be beneficial for meeting the changing needs of an autistic individual.
• Bare trusts: Assets are held in the beneficiary’s name but managed by the trustee until the beneficiary reaches a certain age.
• Life interest trusts: Provide income from the trust’s assets to a beneficiary for their lifetime, with the remaining assets going to another beneficiary upon their death.
• Special disability trusts: Designed to provide for the long-term care and accommodation needs of people with severe disabilities, including autistic individuals. These trusts offer significant benefits, such as social security means-test concessions for the beneficiary’s family members, allowing them to support the trust without affecting their own benefits. SDTs protect funds specifically for the beneficiary's care, ensuring they are used as intended. Establishing an SDT involves setting up a trust deed, appointing trustees, and funding the trust, often with the assistance of legal and financial advisors.

Setting up a trust involves choosing the right type of trust, appointing trusted trustees, transferring assets like money and property into the trust, and consulting a solicitor to draft a legally compliant trust deed. This ensures financial security and proper care, providing peace of mind for everyone involved.

Benefits for autistic individuals

Trusts offer several advantages for autistic individuals:

• Financial security, ensuring that funds are available to meet their needs throughout their lives.
• Protection of benefits - properly structured trusts can ensure that the individual remains eligible for means-tested benefits.
• Allows carers to have control and flexibility to specify how funds should be used and provide for unforeseen needs.

Guardianship and powers of attorney

In addition to wills and trusts, it’s important to consider guardianship and powers of attorney for autistic individuals who may not be able to make certain decisions independently.

Guardianship is a legal arrangement where a guardian is appointed to make decisions on behalf of an autistic individual. This can include decisions about healthcare, education, and living arrangements.

A power of attorney allows an individual to appoint someone to make decisions on their behalf. There are different types of powers of attorney:

1. Lasting Power of Attorney (LPA) for Health and Welfare - Covers decisions about medical treatment and care.
2. Lasting Power of Attorney (LPA) for Property and Financial Affairs - Covers decisions about finances, including managing bank accounts and property.

Establishing these arrangements involves choosing trusted guardians or attorneys, completing legal forms, and regularly reviewing them to ensure they meet the individual’s needs. This ensures consistent and reliable support for your loved one.

Specialist advice and support

Navigating the complexities of legal and financial planning requires specialist advice. Several organisations and professionals can provide valuable support:

• Solicitors: Legal professionals who can assist with drafting wills, setting up trusts, and establishing guardianship and powers of attorney.
• Financial planners: Experts who can help with financial planning, including investment advice and managing benefits.
• Charities and support organisations: Many charities offer resources and support for families of autistic individuals, including legal and financial advice.

Financial planning

Effective financial planning ensures that autistic individuals have the resources they need. This includes managing investments and budgeting for long-term care.

Managing investments wisely can really help secure the financial future of an autistic individual. The key is to diversify - spread investments across different types to reduce risk. It’s also smart to get professional advice from a financial advisor who can tailor an investment strategy to fit specific needs and goals. And don’t forget to regularly check and adjust the investment portfolio to keep everything on track.

Budgeting for long-term care is equally important. Start by figuring out what types of support and services will be needed, then estimate the costs for things like residential care, therapies, and daily living expenses. Finally, set up a savings plan to make sure there’s enough money set aside to cover these future costs. This kind of planning can make a big difference in ensuring long-term stability and peace of mind.

Taking these steps may seem overwhelming, but with the right guidance and support, individuals and families can navigate the complexities of legal and financial planning. The peace of mind that comes from knowing that a loved one's future is secure is invaluable, making the effort well worth it.