April 17, 2017 | seo One of the more unique legal documents that’s drawn up periodically is the special needs trust. This type of financial trust is set up for a person who has a disability. Which can be physical or mental in nature, or both. While those setting up a trust are usually family members; such as parents. Sometimes a close family friend or otherwise connected individual also donates property to the trust. There’s also a different kind of special needs trust that can funded with a beneficiary’s assets. However, these trusts are more difficult to establish. They also require a payback to the government for certain benefits received. The Basis for This Trust A main basis for creating a trust stems from the fact that without it, a disabled person’s eligibility for benefits could be void. This includes Supplemental Security Income (SSI) or Medicaid. However, those government benefits can continue. Given the disabled individual will not have access to the account. Selecting a Trustee A trustee, who disperses funds on behalf of the disabled loved one, is the person who makes those financial decisions. That means the individual drawing up the document must select a person or company they believe has the best interests of the beneficiary at heart. Cash is only one of many types of property used to fund this trust. Although the trustee gives the authority to sell anything that is part of the subsequent trust. This includes such things as real estate, stocks and bonds, vehicles or jewelry. What Can Funds Go Towards? A beneficiary’s disability may prevent them from being otherwise able to pay for items like personal care, educational, medical and dental expenses. As well as, any rehabilitation costs that may involved. The trust is also available for less important items such as furnishings, vehicles or the ability to travel or simply enjoy life. In some cases, it’s not appropriate for a special needs to pay for shelter or food. That is, however, not always the case. The Pooled Trust Or Professionally Managed Trust Option In some cases, it makes sense to choose a professional to manage the trust. This can be in the form of a bank or trust company that does this sort or work. Including a pooled (or community) trust. Peace of Mind Setting this trust up affords the donor the knowledge that their disabled heir will be properly cared for when they’re gone. Choose the right trustee and the right trust and peace of mind for a beneficiary’s future is secure. To get started contact an attorney today.