How do I create a special needs trust?

Creating a special needs trust in Maryland is an important step for any family with a disabled family member. A special needs trust, also known as a supplemental needs trust, is a trust created to provide for the needs of a disabled individual beyond what the individual is eligible for through public benefits. The first step in creating a special needs trust in Maryland is to consult with an experienced attorney. An attorney can guide the family through the process of setting up a trust and help with the selection of trustees. Once a trust is chosen, the next step is to settle the trust. This involves determining how the trust will be funded, selecting a trustee to manage the trust, and setting up the terms of the trust. The terms of the trust should be written in a way that is consistent with the disabled individual’s needs and the rules and regulations of the state of Maryland. After the trust is settled, the trustee is responsible for managing the trust according to the direction given by the settlor. The trustee has the responsibility to invest the funds and use the funds for the benefit of the disabled individual. This includes making sure that the trust funds are used properly for the disabled individual’s care, housing, and other expenses. Creating a special needs trust in Maryland involves careful consideration and planning. All parties involved should enlist the help of a qualified attorney to ensure that the trust is created correctly and meets all the necessary requirements. Once the trust is created, it is important for all parties to continue to check in with the trustee and make sure the trust is being managed properly.

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