Planning for the future of a child with special needs is an incredibly important process that can be overwhelming for some families. It’s a tough conversation and can be sad to address. What happens when I can no longer provide for my special needs child? Every parent must eventually face this question, but parents of special needs children have more unique circumstances than others. A qualified special needs attorney will help you and your family and provide step by step guidance in regards to establishing your special needs trust.
Speak with a Qualified Attorney to Plan Long-Term Financial Care for Your Child
An attorney will help create a special needs trust that fits your family and your child’s unique circumstances. Special needs trusts can benefit children that were born with disabilities or those who developed a mental or physical disability later in life. Depending on your circumstances, what your child requires may vary.
The first step is drawing up the trust. Parents don’t need to be incredibly wealthy to set up an adequate trust, especially since one of the main purposes of establishing this trust is to ensure a special needs child still retains their eligibility for Medicaid, SSI, or other government-issued financial aid.
Parents or legal guardians decide, alongside an attorney, which type of trust will best benefit their special needs child. Once the parent and attorney have established which trust is best to use, the parents (trustors) decide how much money and which assets they’d like to contribute to the trust. They then decide when the special needs child (beneficiary, or trustee) will receive those funds and how much they will receive within a given pay period.
Once the trust is fully drafted, it must be signed by the trustors and notarized by an official notary public. Notarization is a fraud deterrent process that assures the authenticity of the notarized document and prevents the contents of the document from being tampered with or used in a way that doesn’t align with its intended purpose. This is performed by an official notary public and is a service that your attorney will provide.
Once the trust is notarized, the trust account opens and funds may be deposited. As with anything important, the safest bet is to get a head start on the process. It’s difficult to retroactively provide long-term care, and if a tragedy occurs in which a special needs individuals’ guardian can no longer set up a trust, that individual may be at a disadvantage.
A qualified Utah estate planning lawyer will organize all necessary documents and walk you and your loved ones through the entire process of establishing a special needs trust. Amicus Law Firm can provide accurate and thorough legal representation to ensure you fully understand the extent of the special needs planning process, verifying that your child will receive the utmost standard in financial security in the future.
Contact Amicus Law Firm today to schedule a no-obligation consultation. We’re proud to be honest, compassionate, and knowledgeable lawyers who will stop at nothing to deliver the best results for your family.