A person with a brain injury ………
…….. can’t make or change their Will
Wrong …….if they have sufficient understanding of the issues that need to be taken into account (testamentary capacity) they can do this. If they don’t have sufficient understanding, then the Court of Protection can make a Will for them.
……… can’t look after any aspects of their financial affairs
Wrong……..if someone can understand even a small aspect of what needs to be done to manage their finances, they should be supported to be involved in that process. That may mean managing a small daily budget or contributing to bigger decisions which their Deputy or Trustee may make on their behalf.
……… has to invest any personal injury compensation they receive in the Court Funds Office (CFO)
Wrong ………whilst historically the CFO has provided a good rate of interest on the funds that it holds, that rate has now fallen to between .3 and .5 %. Better returns can be obtained elsewhere and this can apply to funds held for children as well.
……… doesn’t need to complete a tax return
Not necessarily…….everyone has a personal allowance for tax purposes. Income in excess of that allowance will be taxable, irrespective of where it comes from or the age of the person receiving it. This means that even children need to file a return if the income from their invested funds is in excess of their allowance.
Hyphen Law is a specialist legal practice that acts on behalf of clients who have an acquired brain injury. It provides support to clients and their families in relation to all aspects of their property and financial affairs, using either the Court of Protection Deputyship process or a Personal Injury Trust.