Some West Virginia residents have loved ones who need special care and support. For this reason, these families may need to include special considerations in their estate plans. Taking certain measures can ensure that a loved one has the care and support he or she needs long into the future.
If you are caring for a loved one who has special needs, you may find it beneficial to learn about how you can continue to provide for that person even after you pass away. One of the things you can do is to establish a special needs trust. This can protect the interests of your loved one well into the future.
What can a special needs trust do?
You may think that a will is all that is necessary to pass money and assets along to a beneficiary after your death. While this is effective in some situations, in reality, this is not a good way to pass money along for the care of a special needs loved one. Some of the benefits of establishing a special needs trust include the following:
- Because the assets are in a trust, the beneficiary will not lose his or her eligibility for public benefits.
- A trust can ensure the assets you leave are only for a specific purpose, which is the care of your loved one.
- You can name a person to act as administrator of the trust, ensuring that a person you trust is overseeing the money and assets left for your loved one.
Estate planning for the care of your loved ones can be a complex process, especially if it is for a person who has special needs. This specific estate planning tool can not only ensure the care of your family member, it can give you peace of mind for the future.
Accomplish your goals through your estate plan
When it comes to caring for your family through your estate plan, you would be wise to carefully consider how you should do this. In some cases, you may need more than a will to protect the interests of your beneficiaries and shield them from excessive taxes and complications in the future.
If you have a special needs child or you are caring for a person who will need assistance after you are gone, you would be wise to take action to learn more about your estate planning options. There is a lot at stake, but a strong plan can give you security for the future.