If you’re taking care of planning your estate, you might have members of your Missouri family who have special needs. One great way to take care of these people is by learning about everything special needs trusts have to offer. Here are a few important benefits of setting up a special needs trust.
Keeping your beneficiary protected from creditors
Many people find themselves going through a divorce or owning debts to creditors. If you don’t want someone with special needs losing everything in these situations, trusts can help ensure this doesn’t happen. Since the income you left behind is in a trust, it’s technically not owned by your beneficiary.
Having a trustee to help manage your assets
Another great thing about a special needs trust is getting to appoint a trustee. A person in this role can help manage decisions about trust-related investments. They can also help oversee how you distribute your assets. With that in mind, a trustee can take a lot of time-consuming tasks related to estate planning off of your hands.
Ensuring a disabled person continues receiving aid
People with special needs can receive money for living expenses through government aid programs. While it might seem that having this person inherit lots of money is a good thing, it might hurt their chances of continuing to receive aid. If you establish a special needs trust, you’re providing someone with money without taking away their ability to receive government benefits.
Choosing how you distribute your wealth
Receiving money is easy. However, it’s often much harder for people to know how to spend their inheritances wisely. If someone in your life needs help managing their money, a trust allows you to achieve this goal. With a trust, you’re in control of when and how much of your assets get distributed to a beneficiary.