Inheritances- bipolar brother

In the next 2 years myself and my 4 siblings expect to have inheritance coming our way. It would be small farm and family home. We all have our own family and homes but origianl family home won't be sold just probably used as summer house etc. The value of farm would be 500k mark. None of us has any interest in farming and it's away from family home so will probably be sold. Myself and 3 siblings all live normal lives and are in agreement to do what is best for everybody. The issue is we have a brother who has bipolar and sometimes can go through difficult periods (one of the issues is he would spend a million in a day if he had it). He has ran up big debts before and is currently living in social housing. He is entitled to he's share but not sure how to go about it? He can't really have anything solely in he's name otherwise it will be blown. Would some kind of trust just for him where the other siblings have to sign off on it. He can't live in social housing forever so we are thinking of buying house for him when time comes but not in he's name. Some kind of trust family ownership without he's name, but will essentially be he's house. What do people think is best approach.

Do you have a power of attorney?

Aside from your concerns, do you have medical/professional reports that indicate he is unable to manage his affairs?

This is a text book example of having a trust set up for his benefit.

If the inheritance is coming your way than one assumes the testator is alive. They can change their will for the sibling who is ill. Is that a possibility. Why will he not be eligible for social housing if he already has it? Due to the inheritance? Another option is a house to be bought where he has a life interest. I know a case of a son (not 100%) who literally gave away his inheritance (600K) to a friend of his in business who was struggling and persuaded him to part with the money when he found out he had it. It's going on now about 10 years and no sign of the money being repaid. So you are right to take action now to safefuard your sibling.

Who is the executor as ultimately any final decisions will be his/her?s And yes, a trust is a great idea for your brother with the mental health issues but someone will need power of attorney to manage his finances and living arrangements.

Bronte said:

If the inheritance is coming your way than one assumes the testator is alive. They can change their will for the sibling who is ill

Click to expand...

This would seem to be key. He/she could leave his share of the inheritance to this son "in trust". A solicitor can set this up but they need to change the will. It will be very difficult to do anything about it afterwards.

"will he not be eligible for social housing if he already has it? Due to the inheritance?"

I don't believe a tenant can be removed from social housing because they received an inheritance.

"They can change their will for the sibling who is ill. "

Possible the testator is no longer competent?

People in the full of their health are quite capable of making what look like very foolish financial decisions.

If you are going to remove the authority from an individual to manage their own affairs, then you need to have very clear medical / professional reports & diagnoses to do so.