Keep Your Family’s Future Secure

Do I need a special needs trust if we do not use benefits?

On Behalf of | Apr 24, 2020 | Trusts

One of the biggest benefits of a special needs trust is that it helps take care of an individual who receives Supplemental Security Income while not interfering with it. Special needs trusts can also help protect beneficiaries in the event of litigation.

However, there are families who have loved ones with special needs but do not partake in government benefits. If this is the case, you may not know if a special needs trust is right for you. According to Findlaw, it is a good idea to establish a special needs trust even if the beneficiary is not currently receiving government benefits.

What can a special needs trust do?

No other type of trust will account for the reality of a special needs person more than a special needs trust. These trusts can be eminently flexible to account for unique financial situations in a way that no other variety can.

Additionally, it is impossible to predict what the future holds. It is possible that your loved one may require government services at some point in the future. Having all of their assets In a special needs trust will ensure that the trust does not interfere with their needs at any point.

How can the beneficiary access a special needs trust?

The beneficiary will not be able to directly access the funds and a special needs trust without it potentially affecting government benefits. The idea is that a trustee takes care of authorizing the use of funds on the behalf of the beneficiary. If you are having a difficult time finding a trustee for your special needs trust, consider a pooled trust.