Any California family could benefit from an estate plan, no matter the income level or value of personal assets. Some families, however, need more than a will to make sure that all family members are cared for in the future. Your family may benefit from the protections of a trust, which can set money aside for the care and security of certain loved ones after you are gone.
If you have a special needs child or are caring for a special needs family member, you may need a special needs trust to ensure that this person has money for care and other needs long into the future. Setting up a trust could be a beneficial and practical addition to your estate plan.
What can a special needs trust do for my family?
The intent of a trust is to protect and manage certain assets and property for the benefit of a beneficiary. In the case of a special needs trust, it is specifically for the care and needs of a disabled or mentally ill individual who is not currently able to care for themselves or will not be able to do so in the future. Other benefits of a special needs trust include:
- You will have the right to name a trustee, whether it is another member of the family or a trusted family friend.
- A special needs trust can ensure that the beneficiary does not lose certain government benefits they are currently receiving.
- Leaving assets through a trust instead of a will can help avoid certain legal complications.
- You can use a special needs trusts to leave inheritance funds for a disabled loved one.
Drafting and setting up a special needs trust can be a positive step for your family. Not only could this eliminate future legal and financial complications, it could provide peace of mind regarding the future care, needs and lifestyle of a particular member of your family or other beneficiary.
Experienced estate planning guidance
Making decisions that affect your estate plan can be complicated, and you would be wise to consider the tax, legal and financial implications of any step that you take. By working with an experienced estate planning attorney, you can adjust an existing plan or start from scratch, protecting your loved ones and your beneficiaries.
A case evaluation with a lawyer can help you understand your options and identify the most appropriate course of action for you and your family. A special needs trust could be a smart step for you, and your legal ally can help you make positive decisions for the benefit of your loved ones.