One of the most important decisions that parents will make is determining how to care for their children when they are no longer able to. While there may be a time and place for government assistance, it is often difficult for family members or friends to manage this type of financial responsibility. A special needs trust can help alleviate these burdens. This blog post will discuss the reasons why you should set up a special needs trust in Dupage County!
You Can Name the Trustee You Want To
A Special Needs Trust in Dupage County can be a powerful tool in planning for the future of an individual with disabilities. It’s not uncommon to appoint the parents as trustees, but there are benefits to naming someone else too
If you have children from a pre-existing marriage or other family members who would like more involvement in caring for your child, naming them as trustees is a good idea.
You can also name the person who will provide personal care for your loved one if they need it when you are no longer able to do so – this could be someone from your existing family or friends.
It Is Easier for Someone to Manage Than a Will or Trust
If you are considering a will or other type of financial planning for your child with disabilities, it is important to know that they cannot be the beneficiary. The reason for this is because any money given into their name could disqualify them from receiving government assistance like Medicaid and Supplemental Security Income (SSI).
The Trust Doesn’t Need Probate So It’s Less Expensive and Time-Consuming
If you name or establish a trust for your child with disabilities, it will not need to go through the process of probate. This can save both time and money on behalf of yourself and any other family members who become involved in administering the trust.
If you’re searching for help with setting up a special needs trust in Dupage County visit Life’s Plan, Inc. at their website.
