Your estate planning needs are unique to your individual situation, including your objectives, the size of your estate and the needs of your beneficiaries. Your plans should reflect what you require for security now and in the future, and this may mean ensuring your loved ones have what they need long after you pass. One way you can do this is through the creation of a trust. This is an estate planning tool that allows you to set aside and protect assets for a specific use in the future.
If you have a special needs child or have a special needs loved one who cannot care for himself or herself independently, you may benefit from a special needs trust. This allows you to set aside money and assets for the provision of an individual who will need long-term care. By establishing this type of trust, you can be sure your loved one will have what he or she needs well into the future.
The benefits of a special needs trust
If you have a special needs loved one, you may want to use assets held in your estate to assist him or her after your passing. A trust allows you to accomplish this goal with confidence as leaving money through a will could have various drawbacks for both you and the beneficiary. Some of the benefits of creating a special needs trust include the following:
- The money left in a special needs trust will not affect the beneficiary’s eligibility for public assistance and benefits.
- You can name a trusted individual to act as the trustee — the person who will oversee the distribution of trust assets.
- The assets left in this type of trust can go toward needs the beneficiary may have that benefits and other types of assistance do not cover.
Of course, one of the most significant benefits of establishing this type of trust is the assurance that your loved one has what he or she needs even after your passing.
Look to the future with confidence
Life is unpredictable, and if you believe a special needs trust would be a beneficial addition to your estate plan, the time to act on that is now. With the right protections in place, you can have peace of mind, and your loved one in Massachusetts can have what he or she needs well into the future.