Common Misconceptions About Special Needs Trusts

Special Needs Trust Lawyer

Many parents worry about their children’s future. If the child has special needs, however, it can cause even more worry. If you have a child with a disability, it is important to plan for his or future as soon as possible. Life can be unpredictable. 

Here are some common misconceptions about special needs trusts that you should not believe.

My Child’s Siblings Will Take Care Of Him or Her

If you have other children, you might assume that they will be able to look after your disabled child after you’re gone. However, as the legal professionals from Silverman Law Office, PLLC can confirm, this is not a guarantee. They will likely have their own families to take care of and may not have the time to devote to your disabled child’s care. They may not use the fund as you intended. That is why it is a better move to set up a trust with detailed instructions about how to care for your disabled child.

It Is Too Early to Set Up a Trust

If you are relatively young and healthy, you may assume that there is no need to set up a special needs trust right now. However, you must keep in mind that the unexpected could happen. No one is promised tomorrow. That is why you may want to consult a special needs trust lawyer as soon as possible.

I Can’t Afford It

Unfortunately, some people are reluctant to set up a special needs trust for their child because they assume they can’t afford it. While it does cost money to establish a trust, it may be more affordable than you think. Also, you will have the peace of mind knowing that your child will be taken care of, so the cost might not seem that much after all.

Special Needs Are Only for the Wealthy

As mentioned above, creating a special needs trust is not as expensive as people think. It definitely is not only for wealthy families. After all, many families with special needs children have modest incomes and assets. However, that doesn’t mean that their child can’t have a special needs trust.

I Can Just Set Up a Special Needs Trust On My Own

While there may be DIY software available for special needs trust, it does not mean that you should use it to establish the trust. Like other estate planning documents, special needs trusts are quite complex. It can be easy to make a mistake if you don’t know the estate planning laws in your state. You do not want to go through all the trouble and have the trust be deemed invalid. It is in your best interest to hire an experienced special needs trust lawyer. He or she can help you create a trust that clearly states your wishes for your child and answer all of your questions.

If your special needs child recently received a personal injury settlement, you may want to include it in his or her trust.