If you are considering setting up an estate plan, you may feel overwhelmed by the different options you have. For example, you could be unsure whether a will is ideal, or a trust would be more appropriate given your unique circumstances. Even if you have decided to move forward with a trust, there are various types of trusts, so it is essential to find one that is right for you and those you love. Depending on the details of your loved ones’ lives, a special needs trust may be best. Before moving forward, it’s important to go over some of the basic benefits of this option.
If your loved one has a disability, a special needs trust could be a great way to ensure that they will be able to receive assets from your estate in the most suitable way possible. For example, special needs trusts allow beneficiaries with disabilities to receive property from the trust without interfering with their ability for certain types of need-based assistance from the government. Estate plans should not be seen as a burden for those who lose a family member and a special needs trust could help ensure that your disabled loved one is taken care of.
Aside from the benefits that beneficiaries may receive, setting up the right type of trust could give you a sense of peace. Head over to our wills and trusts section if you are interested in finding out more with regard to creating a trust and other estate topics.