How do I set up a special needs trust?

A Special Needs Trust (SNT) is a trust set up to provide special care for an individual with a disability who may not be capable of caring for themselves. In order to set up an SNT in Florida, there are certain steps that must be taken. First, a trustee must be chosen. The trustee will be responsible for managing the trust and distributing the funds to the beneficiary. The trustee may be either a professional fiduciary or a family member, but they must be approved by the court. Second, the trust must be established. This can be done either by working with an attorney to draft the trust paperwork or by using an existing template created by a lawyer. The trust must be signed in front of witnesses and notarized. Third, the funds must be put into the trust. This can be done either through direct distribution, by transferring specific assets into the trust, or by entering into an agreement with an insurance company or financial institution to handle the trust funds. Finally, the beneficiary of the trust must be identified. This can be done either through naming a specific individual or through creating a “class” of individuals who may benefit from the trust. Once these steps have been completed, the Special Needs Trust is officially established. The trustee is then responsible for managing the assets, paying the beneficiary’s bills, and ensuring that all of the requirements of the trust are met.

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How do I set up a special needs trust?

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