Taking care of loved ones after death is a primary consideration of nearly everyone with a family. It will likely be of great concern to you how your family will be taken care of in your absence and you’ll want to be certain that they will have the financial stability that you provided when you were alive. If you happen to have any loved ones with a special need, then this urge for financial stability in your absence can often be multiplied tenfold. There is hope, however, in what is known as the special needs trust. This article will examine what a special needs trust is, how it differs from a traditional will and how it can support your family’s future.
A special needs trust is a type of last will and testament that operates as a means of protection for a loved one with any type of special needs. The special needs trust will be put in place as a means to support your loved ones after you’re gone and grant them some financial peace of mind in your absence.
Many will ask how a trust differs from the traditional will. When you are creating a will for your loved ones, you often will not realize that they will be subjected to government taxes and could also stand to lose or have reductions to their government benefits. In the case of a special needs trust, however, your loved one will have control of your financial estate through means of special needs trust management who will appoint a special needs trust manager that operates as a trustee to the beneficiary, which is your loved one. Having control of this estate will allow them to have the financial support that they need but will also allow them to keep the government assistance that they have become accustomed to, and will likely rely on, even after you are gone.
It is of vital importance that we try to support our families future just as much when we are gone as it is now. Many people will live for today and not look into how they will protect their loved ones after they are gone. By establishing a trust, or a special needs trust if you have a loved one with special needs, you will grant your family some much-needed financial stability as well as some crucial peace of mind. Do a quick search online for a company that specializes in special needs trust management and discuss how they can help you secure your family’s future.