Estate planning is a crucial step for every New Jersey family, but your family may have special needs that you should address with your estate plan. If you have a special needs child or you have a family member who will not be able to care for himself or herself in the future, you can include certain things in your plan for that person’s care.
One of the ways you can do this is by establishing a special needs trust. This step will ensure the care and protection of a loved one in the future by setting aside certain assets for this specific use. If you do not have an estate plan or need to add a special needs trust to an existing plan, you would be prudent to act quickly.
Why this specific type of trust?
One of the many misconceptions that people have regarding the creation of an estate plan for a special needs person is that they think they can simply pass assets and money to a person through a will. A will can accomplish certain things, but this is not the ideal way to leave assets for the care of a special needs person.
The creation of a special needs trust can accomplish certain things that you will want for your loved one. The benefits of this specific estate planning tool include the following:
- It can ensure the assets left for the care of your special needs loved one are used only for that specific purpose.
- Money left in a trust will not have an impact on a person’s eligibility for public benefits, whereas money left through a will might.
- It can give you peace of mind knowing your loved one will have his or her basic needs met long after you are gone.
- It allows you to name a specific person to act as the administrator of the trust, and it can be a trusted friend or family member.
While you cannot control what will happen going forward, you can take steps to ensure the protection and well-being of loved ones through a thoughtful estate plan.
The future of your family
If you are considering your estate planning options, you may find it beneficial to consider how a special needs trust can provide your family with security for the future.
A complete evaluation of your case can help you understand how you can develop an estate plan that specifically suits your needs and objectives.