One of the most important things you’ll ever have to do in life is ensuring that your loved ones are taken care of after you’re gone. While this requires lots of consideration in general, there is, even more, to think about when you have a child with special needs. When this is the case, you’ll have to make sure they are taken care of on the financial end as well as emotionally, physically, et cetera. If you are looking to form a special needs trust in Illinois, here are some things you should know.
Choosing the Right Type of Trust
When it comes to delicate circumstances such as having a child who is physically or mentally challenged, a regular trust typically will not suffice. The type of trust that you’ll need will depend on a number of factors such as how it is being funded. If you are funding the trust for your child or grandchild, then a special needs trust in Illinois can work. If the trust is funded by the child via their inheritance, personal injury award, et cetera, a pooled disability trust is typically formed.
Appointing a Trustee and Advocate
No matter what type of trust you form, you will need to designate someone to manage the trust by making disbursement, investments, and more. This person must act in the best interest of the beneficiary, and report to government agencies. While the trustee handles the formal end, an advocate can help to communicate the needs of the beneficiary. This is especially important in the matter of disbursements as you want your child to maintain a good quality of life.
When it comes to forming a special needs trust in Illinois, there are a lot of things to consider. It is best that you talk with a professional as they can advise you best.
For more information about special needs trust in Illinois, contact Life’s Plan, Inc.or visit their website today.