Special needs trusts are a very important legal tool for parents of children with disabilities. Many mistakes can be made when planning this type of trust, and it is crucial to know what these mistakes are to avoid them. This blog post will discuss the 4 biggest mistakes you can make with your special needs trust in DuPage county.
Giving Away Too Much Control Over Your Assets to the Trustee
The first mistake is giving away too much control over your assets to the trustee. The goal of a special needs trust in DuPage County or any type for that matter should be financial independence not dependence on others and this can only happen if you have some say in how the money will come out from it. There should be clear guidelines on how assets will be managed and the beneficiary of the trust should not have to ask for permission each time they need money.
Allowing the Trustee to Manage Any Aspects Of Your Life, Including Medical Care and Living Arrangements
The second mistake is allowing the trustee to manage any aspects of your life, including medical care. If you create this type of relationship with a caregiver they will be in control of everything that happens from what medications are prescribed down to which doctors can provide treatment for an ailment if the need arises.
Creating a Trust That Is Not Well-Drafted or Poorly Understood By You or Your Attorney
The third mistake is creating a trust that’s not well-drafted or poorly understood by you. If it doesn’t meet your needs, the trustee will be bound to follow what was outlined in this document and if they don’t have enough information on how best to handle their responsibilities then someone else probably won’t either.
Not Having an Attorney Review the Final Draft Before Signing It Into Law
The fourth mistake is signing a trust that hasn’t been properly reviewed by an attorney. It’s important to get your documents checked before you sign them as this will protect the person who created them and keep their wishes intact for what they want in terms of how assets are distributed after death or incapacitation.
If you’re looking to set up a special needs trust in DuPage county, visit Life’s Plan, Inc.
