How do I create a special needs trust?

Creating a special needs trust in Washington is a necessary step of disability planning law to ensure the continued financial security of a disabled person. It is important to consult with an experienced trust attorney in order to properly and legally create a special needs trust. First, the trust creator (such as a parent or guardian) will need to name a trustee to manage the trust. The trustee is responsible for managing the trust’s assets and will make distributions to the disabled beneficiary according to the guidance of the trust document. Second, the trust creator will need to define what type of trust they wish to create (such as a third-party trust, a first-party trust, or a pooled trust). All of these types of special needs trusts are designed to protect the beneficiary’s assets, while still allowing them access to certain benefits and services. Third, the trust creator will need to decide what assets and property to fund the trust with. Funding the trust with all of the beneficiary’s assets is a good way to ensure those assets are managed properly and securely. Finally, the trust creator can work with the trustee and an experienced attorney to create the trust documents. These documents will provide clear guidance to the trustee on how to manage the trust and how the assets should be distributed. Creating a special needs trust is an important step in ensuring the long-term financial security of a disabled person. It is important to consult with an experienced attorney in order to properly and legally create a special needs trust in Washington.

Related FAQs

What is a Durable Power of Attorney?
What is a pooled trust?
What is a trusted advisor?
What is a supplemental needs trust?
How can a disability attorney help me?
How can a disability lawyer help me?
How can I protect the assets of my disabled family member?
How do I apply for disability benefits?
What are the rules for Medicaid trusts?
Can I receive disability benefits if I have a pre-existing condition?

How do I create a special needs trust?

Related FAQs

Related Blog Posts