There are many different mistakes that you can unfortunately make in the event that you have a special needs child. This situation requires careful consideration and planning with the help of a knowledgeable estate planning attorney. Unfortunately, what seems like small mistakes at the time that you make them can lead to catastrophic problems. Read on to learn more about one of the most common issues you can have.
One of the biggest issues you can have when putting together a special needs trust is selecting the wrong trustee. It is usually a bad idea to identify a close friend or a family member as the trustee. Many friends and family members are not experts in this kind of trust so in the event that they are serving as its trustee, they could be doing so at the risk of making costly mistakes. A friend or family member trustee might make mistakes when distributing money to the special needs child and therefore may disqualify him or her from being able to receive important government support benefits.
This is why it is strongly recommended that you consult with a trusts company or a professional trustee like a bank who understands the complicated issues involved with a special needs trust. It is also important that whoever is selected as a trustee understands the parents’ objectives and is qualified to invest any trust assets in a manner that is most likely to meet these concerns while also remaining ethical. Ready to set up your meeting with a Pasadena estate planning attorney? Contact us today.
