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Page 1 of 2Special needs trust: frequently asked questions What is a special needs trust? If you have a child or others loved one with special needs, you may want to establish a special needs trust.

How to fill out special needs trust

How to fill out special needs trust:

1. Research and understand the purpose of a special needs trust: Before filling out a special needs trust, it is crucial to educate yourself about its purpose. A special needs trust is designed to financially support individuals with disabilities without jeopardizing their eligibility for government benefits.
2. Determine the type of special needs trust: There are various types of special needs trusts, such as first-party and third-party trusts. First-party trusts are funded with the beneficiary's own assets, while third-party trusts are funded by someone other than the beneficiary. Knowing which type of trust is needed will guide the filling-out process.
3. Consult with an attorney specializing in special needs trust: It is highly recommended to seek legal advice from an attorney experienced in special needs trusts. They can provide guidance, assist in the drafting or review of the trust document, and ensure it complies with applicable laws and regulations.
4. Gather necessary information: To fill out the special needs trust, gather important information such as the beneficiary's personal details, financial assets, and any government benefits they may rely on. This information will be essential in creating a comprehensive and effective trust plan.
5. Identify a trustee: Choose a trustee who will administer the trust for the benefit of the individual with special needs. The trustee should be trustworthy, knowledgeable, and capable of making sound financial decisions on behalf of the beneficiary.
6. Draft the trust document: With the assistance of your attorney, draft a comprehensive trust document that reflects the wishes and intentions of the grantor (person creating the trust). Ensure all necessary provisions are included, such as instructions for disbursements, management of assets, and contingency plans.
7. Fund the trust appropriately: Depending on the type of trust, fund it with the appropriate assets. First-party trusts may be funded with the beneficiary's assets, while third-party trusts are typically funded by family members or loved ones. Ensure the trust is adequately funded to meet the individual's long-term needs.

Who needs a special needs trust:

1. Individuals with disabilities: A special needs trust is primarily designed to benefit individuals with disabilities who may require financial support throughout their lifetime. This can include individuals with physical, intellectual, developmental, or mental health disabilities.
2. Families and loved ones of individuals with disabilities: Families and loved ones of individuals with disabilities often establish special needs trusts to ensure their loved ones' long-term financial security. By creating a trust, they can provide for the individual's needs without impacting their eligibility for important government benefits.
3. Individuals who want to ensure the proper management of their assets: Even individuals without immediate beneficiaries in need of a special needs trust may choose to create one to ensure their assets are managed and distributed appropriately in the future. This can provide peace of mind, knowing their assets will be used to support individuals with disabilities effectively.

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