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COVID-19 Update: We are working and here to help. The probate courts are open and we are continuing to file cases. Please email Attorney Nicole Morris at  if you have questions. Stay safe, we will get through this stronger together.

COVID-19 Update: We are working and here to help. The probate courts are open and we are continuing to file cases. Please email Attorney Nicole Morris at [email protected] if you have questions. Stay safe, we will get through this stronger together.

Setting up a special needs trust

On Behalf of | Feb 24, 2022 | Trusts

Do you have a family member who has special needs? You can establish a trust to take care of them after you pass. Setting up a special needs trust in Palm Beach, Florida is a complex affair. The steps to do so are easier when you have a professional advisor to guide you. The process to set up the trust can be listed below.

Choose an attorney to draw up the document

Special needs trusts begin with a series of legal documents. These are drawn up by the attorney that you hire for the job. This person needs to be fully up to date on all of the latest rules and regulations that govern the setting up of trusts. The documents they prepare must stand up in court so as to expedite the process.

Name a trustee to distribute the assets

The next thing you will need to do is name a trustee. This is the person that will handle the oversight of the assets after you pass away. You need to be very careful about whom you entrust with this power. They will have the ultimate discretion to distribute funds to the beneficiary that you name in the trust.

Establish funding for the trust

The last step that you need to take in order to establish your trust will be to fund it. You need to decide in advance how much money your beneficiary will receive. You should also specify all of the sources for your funding.

An online calculator can be used to determine how much funding is available to deal with various expenses. Your sources can include real estate, jewelry, stocks, and other sources. All of these details should be included in your will in order to avoid disputes that arise posthumously.

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