A potential beneficiary of a special needs trust may be someone who is able to assist the person with a disability in managing their financial affairs. The trust may designate a guardian or trustee to make decisions on behalf of the beneficiary, and the trust may also provide funds to help the beneficiary live a comfortable life.
In order for a special needs trust to be useful to a beneficiary, the instrument of transfer must include certain features such as setting forth provisions that describe the specific functions of the trust, including who will manage and control the trust. You can visit https://elderlawofaz.com/special-needs-planning/ to avail the services offered by top attorneys in Arizona.
It is also important that the instrument include various other provisions that outline the terms governing administration of the trust such as: when money can be paid into it, how money can be paid out of it, what assets need to be protected within it and how it will be protected during administration.
A special needs trust can be written in a variety of different formats, but the structure and terms of a special needs trust are fairly uniform. The most important thing about setting up and administering a special needs trust for someone with a disability is to make sure that the beneficiary has all of the necessary documentation in order to properly access his or her benefit package.
This may include: medical bills, doctor notes verifying that the beneficiary has a qualifying disability, and proof of the beneficiary’s age or that the beneficiary is entitled to some type of government assistance.
A special needs trust is a revocable trust which may be used by a person with a disability to provide for the beneficiary’s care and maintenance in order to assist them in managing their daily life activities.
