3 Considerations When Setting Up a Special Needs Trust
If you have a loved one that suffers from a disability, you want to be able to care for them after you’re gone. A special needs trust will allow you to put money away for your loved one when you’re no longer around to care for them. When setting up your special needs trust, there are certain things that you will have to decide. Understanding these decisions before setting up a trust will make the process much easier. Here are a few things that you need to consider when setting up a special needs trust in California.
Where They’ll Live
If your loved one currently lives with you, they’ll need somewhere else to live when you’re no longer around. This could be with a friend, relative, or in a facility designed to help with their specific disability. Since their best interest is clearly the most important thing to you, it’s important that you make this decision. This will ensure that they end up in the right place when you’re no longer around to support them. This decision will impact their trust as you may need to direct some money towards their housing.
Know Who Will Look After Your Loved One
In addition to finding a place for your loved one to live after you’re gone, you’ll need to ensure there is someone around that can look after them. An essential part of setting up a special needs trust is selecting a trustee. This person will direct the trust to your wishes. They’ll be responsible for hiring financial advisors, attorneys, social workers, and care managers. For a role as important as this, you need to ensure that they’ll have the best interest of your loved one at heart. You’ll want to choose someone that’s loyal and cares for your loved one nearly as much as you do.
What Services Your Loved One Needs
If you have a loved one with a disability, there are certain services that are essential for their long-term well being. It’s important to ensure that those services continue after you’re gone. This includes making sure that they’re paid for. Including these services in your loved one’s trust will ensure that they’re cared for well into the future. When you’re no longer around, they won’t lose a step with any progress that they’ve made.
A special needs trust allows you to care for your loved one when you’re no longer around. Setting it up the right way will allow you to provide money for them without affecting any governmental benefits they might receive. These some important things to consider when setting up a special needs trust in California.