Delaware families are aware of the importance of having appropriate estate planning documents in place. From wills to medical directives, there are certain estate planning tools that can provide peace of mind regarding the future and your loved ones. One of these tools is a special needs trust.
If you care for a family member with special needs, you may find this specific option beneficial for you. The future is unpredictable, and it is beneficial not to delay in getting the estate planning documents you need in place as part of your complete estate plan.
What are the specifics of a special needs trust?
A trust allows you to set aside assets and protect them for a specific purpose. In this case, a special needs trust allows you to provide for your loved one’s basic needs and financial obligations.
Leaving money for a special needs loved one through a will may not be an efficient or beneficial way to care for your family member. Assets passed through a will may affect his or her eligibility for government benefits. If you are considering setting up a special needs trust, it can be helpful to understand the following:
- A special needs trust protects assets for the care of a person without impacting his or her ability to get medical or housing assistance.
- You can name a family member or another trusted person to act as the administrator of the trust.
- These assets can be specifically set aside for basic daily needs, housing and other things your loved one will need in the future.
It is important to consider adding this specific type of trust to your estate plan if you have a special needs child or are caring for a loved one with disabilities.
Drafting an estate plan that works for your family
Your estate plan should match the needs of your family and allow you to protect your loved ones and their interests. One of the most important steps you can take in your estate planning efforts is to update your plan as needed. It is never too early or too late to begin to think about what your family may need in the future.
With guidance, you can draft a special needs trust that will protect your loved one and allow you to look to the future with confidence and security.