When you are in the midst of planning your estate and are deciding whether or not you will create a will or establish a trust, you will have a variety of options available to you and many things that you will need to consider. The status of your relatives and their health will play a big role in your decision making process and can depend on a variety of factors. If you are an individual that has a loved one that has special needs, for example, your specific needs are more unique and may require a more complex solution. But you need not worry, because there are solutions in place to help with this very situation. This article will examine a special needs estate versus a will and what you should know when planning one or the other.
The traditional will allows you to leave your entire estate and the value of your assets to your relatives in one gigantic lump sum that is given immediately after death once all legalities have been corrected. A will comes with a couple of unexpected risks, however. One of these risks is that the government or creditors can have control over that will and the involved finances, not allowing your relatives to gain access to this needed capital. This actually can have a devastating effect on those who have special needs in your family. A will prevents them, in some circumstances, from being able to access certain government programs and assistance. Because the value of your estate and the resulting will is factored into your loved one’s yearly income, it can sometimes disqualify them from the benefits that they may need to be able to maintain their current quality of life.
When you are planning for an estate, you can allow someone who is deemed as the trustee to oversee your estate and the related assets. They then allow the beneficiary, your relatives, access to the estate and provides what they need to be able to survive in your absence. If this is something you are looking for, you can search online for a special needs estate planning agency near you that may be able to answer questions or help you get started. A special needs estate planning company will have all the tools and knowledge to ensure satisfactory completion of your special needs estate.
When it comes to an estate versus will, it is important to consider the needs of your relatives after you are gone. For those with relatives who have special needs, a special needs estate planning agency will provide the perfect solution to seeing that they get the proper care that they need after you have gone. Because our relatives deserve the very best, we hope to leave behind as much as we can with as little obstacle in their way as possible. If you find yourself planning your estate or will, consider the circumstances involved and these tips to help you make the best educated decision that you can.