DISABILITY TRUST WILLS

Generally, if a person has been assessed as having a ‘severe disability’ by Centrelink, they will meet the definition required for a Special Disability Trust.

A trust is a legal relationship between a trustee and a beneficiary. The essence of this legal obligation binds a trustee to take care after trust property and funds for another person’s benefits.

A Special Disability Trust (SDT) is a special type of trust that allows parents and immediate family members to plan for current and future needs of a person with severe disability. The trust can pay for reasonable care, accommodation and other discretionary needs of the beneficiary during their lifetime.

The requirements of SDT are as below:

  • Have only one main beneficiary who meets the eligibility criteria;
  • Provide for the accommodation and care needs of the principal beneficiary;
  • Have a trust deed that contains the clauses as set out in the model trust deed;
  • Comply with the investment restrictions;
  • Provide annual financial statements; and
  • Conduct independent audits when required.

Roman Lawyers are proficient in structuring Disability Trust Wills, please contact is with your requirements.

Disability Trust Wills