If you have a disabled child, one of your most pressing concerns may what will happen to your child if you’re suddenly unable to support them. Either through suffering a disability of your own or after your death, your disabled child will be left without someone to care for them. This is the purpose of a special needs trust in DuPage County, and having one drafted will provide your family with the following benefits.
Appoint a Trustee
One reason it may not be wise to simply leave your assets to your disabled child in a will is that they may not have the capability of making responsible decisions. This can lead them to run out of funding far earlier than expected. You can avoid this situation when you set up a trust and appoint a responsible trustee.
Avoid Complications With Government Assistance Programs
Leaving assets to a disabled child in a will can cause a disruption to their government benefits since any additional income can reduce the amount they’re eligible to receive. Instead, the trust will allow assets to pass privately to your disabled child. Since a trust is a private document, the individual can receive the assets without negatively affecting their ability to collect their disability benefits.
Protect Your Assets
You can rest assured that your assets will pass to your intended child after your death because this type of trust is irrevocable. This means the assets in the trust can’t be used to pay off your creditors or to pay off a lawsuit settlement. A special needs trust in DuPage County will keep your assets protected to ensure your disabled child’s financial needs are met.
If you do need to set up a special needs trust in DuPage County for a family member, contact Life’s Plan, Inc. by visiting their website today.
