Concern for the wellbeing of loved ones who would be left behind motivates most people to consider their estate planning. No one wants to leave things undone, create a burden for loved ones, or miss the opportunity to take care of your family members, so getting things in order is a smart idea at any age. Estate planning, putting together your will, or setting up a trust are a great way to care for loved ones, especially those loved ones with special needs who rely on you for their care. Read on to learn about special needs estate planning in California and how your family can benefit from establishing one.
Who Needs a Trust?
Estate planning allows you to anticipate and arrange for all the details to be taken care of at the time of and after your death. This is generally done for the sake of your loved ones, to make sure your wishes are followed, and to minimize taxes. Depending on your wishes, your assets, and many other particulars that are individual to you, there are different tools and options for your estate. Wills are commonly used, as they are documents that go into effect after you die and directs who will receive your property at that time. They also appoint a legal representative to carry out those wishes.
For many people, however, a will doesn’t cover all the necessary bases to ensure that your loved ones are properly taken care of. That’s where a trust comes in. A trust goes into effect as soon as you create it, rather than at the time of your death, and it covers any property or assets that have been transferred to the trust. Often, your attorney will direct you to set up both a will and a trust in order to more effectively cover all of your bases.
Why a Special Needs Trust?
For parents with children who have special needs or anyone entrusted with the care of another person who completely relies on you, being able to set up their care after you’re gone can be a huge relief. One great way to do that is by setting up a special needs trust, using the help of an expert special needs estate planner in California. Someone who is well versed in the legal hurdles and other considerations that are important when planning for the future care of loved ones with special needs can help you navigate the process and arrange for the best possible care for your dependents.