How Do You Ensure That The Funds Specifically Established For The Benefit Of Your Special Needs Child Are Going To Be Used In A Proper Way And Not Wasted Or Mishandled?
The person you put in charge of the trust will be responsible for the disbursement. For instance, if you’re not there to take care of that child, then you’ll need somebody as a trustee or a successor trustee to make sure that they’re following the dictates of the trust itself. It all boils down to whom you can trust to handle the trust properly. I’m not in favor of having strangers take care of loved ones because they do not know the situation’s dynamics. However, someone who’s going to have the best interest will focus on that. It may be an independent third party who understands the situation and will handle it objectively. It may require a vetting process by the grantor.
The critical element will be ensuring that the trustee will care for the child in the same way you would. If you can ensure that, then you are in good shape.
Is There Anything Else Regarding Special Needs Trust Or Any Other Things That We Talked About Today That You’d Like To Add To At This Point?
Let me reiterate the special needs trust topic. The situation requires someone else who sees the need of a child or a person, and they control their trust and fund it to provide for the needs of said person.
Structuring those things can be challenging because it relies on separate entities. However, essentially, it is an external factor that will care for the person intended in the trust.
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