If you are the parent of a special needs child, you understand how important it is to ensure that they have what is necessary for the future. Providing for future needs could be one of your main objectives when creating an estate plan, and the specific tools you need to accomplish this goal depend on the details of your individual situation. If you are the parent of a special needs child, it could be in your interests to establish a specific type of trust for the long-term benefit of your child.
A special needs trust is an estate planning tool that allows you to set aside and protect assets for the care of a loved one. By establishing this type of trust, you can be certain that the interests of your child are secure even long after you pass. The future is unpredictable, which is why it is beneficial to ensure that your estate plan is complete and includes everything you need in order to feel confident about the well-being of your loved ones.
An ideal addition to your estate plan
You understand the types of care and support your child needs on a daily basis, and you may have concerns regarding how to make sure this continues after your lifetime. Through a special needs trust, you can establish a legal arrangement that will protect assets intended for the sole purpose of caring for a special-needs or disabled loved one. The funds held in this trust will go toward specific needs not otherwise covered by other types of assistance your child may receive.
While it may seem simpler to leave assets directly through a will, this is an imprudent way to ensure the care of your loved one as your heir may not be able to effectively manage substantial amounts of money. Assets held in a special needs trust do not affect eligibility for government benefits, and they can cover needs that may otherwise be unmet. You will name a trusted and responsible party to act as the overseer of the trust and manage the distribution of trust assets.
The ideal estate plan for you
There is no one-size-fits-all approach to estate planning. If you have a special needs child, you will benefit from seeking insight regarding how the addition of a trust could be an ideal way to ensure that your loved one has what they need well into the future. This will also provide you with peace of mind, knowing that your child’s interests are secure.