Estate planning gives you the power to protect your assets and those you love even in the face of adversity. By choosing from a variety of legal tools, you can continue having a positive impact on loved ones long after your death. For many in the Ridgeland, Mississippi, region, the concept of protection for loved ones is one of the most important benefits of good estate planning.
Those with family members that have special needs are particularly concerned about protection. Creating and funding a special needs trust is an effective way to ensure your disabled loved ones remain protected when you are no longer able to do so. If your child or other family member has special needs, you can speak with a legal professional about whether you need such a trust.
In the meantime, it is helpful to review some additional advantages of this powerful estate planning tool.
Protect government benefits
By placing funds in a special needs trust, your loved one may still be eligible to receive certain benefits. Leaving money directly to your beneficiary may interfere with eligibility for these programs.
Others can contribute to the trust
Grandparents, friends and other family members can add funds to a special needs trust. This ensures that your loved one is properly cared for in the wake of your death or incapacity.
Appropriate use of assets
Creating a special needs trust allows you to have a say in how the funds are used on behalf of your family member. In most cases, this is more effective than hoping others will make decisions in keeping with your wishes.
There are many things to consider when creating a solid estate plan. Guidance from an estate planning lawyer is a great way to ensure that your plan is customized to meet your family’s needs.