If you have a child who is differently abled, you will agree that leaving your child with no financial support in the future is very daunting. Believe it or not, you can prevent this from happening by securing a special needs fund for your child as early as now.
Because a child with special needs may be disqualified for public benefits, the aim of this type of trust fund is to give a convenient lifestyle to them without limiting their access to all available benefits. Generally, the creation of this fund is structured to supplement any assistance the government may provide concerned children in terms of clothing, food and shelter.
The four important components of this trust fund are the asset, the beneficiary, the trustee and the purpose. The asset is the special needs resources that will be placed in a trust. The beneficiary is the concerned child while the trustee is someone who will be in charge of the disbursement of the funds. Meanwhile, the purpose serves as the guideline on how the funds must be distributed.
Gather information - In order to prepare the trust, you need to present your lawyer all pertinent information about your child. Define your child's limitations and distinct needs. Define too his likes, dislikes, habits and capabilities. Documents which provide medical diagnosis, social security number, funding sources and trustee information must all be forwarded to your lawyer.
Select a trustworthy trustee - Talk to a relative whom you think can take charge of the disbursement of the funds that you have prepared. Successor trustees must also be selected to ensure that your child is getting the resources due him. Advocates are additional people whom you can talk with the regarding the disbursements that will maintain the same quality of life the beneficiary is used to. Advocates and trustees are expected to follow the detailed directions of the trust fund's purpose.
Work with a specialist - Although you must gather as much information that you need, never try doing this one your own. Ultimately, the regulations behind special needs trusts are complex. They change frequently as well. Moreover, expert lawyers in this field can give you an overview of better options which might have overlooked while planning your child's future. For one, he can tell you what to do in legal terms should your disabled child passes away and there is still remaining money in his funds.