Setting up a Special Needs Trust for a Mentally Ill Family Member
Face it, we are not going to live forever….so how do you provide for your mentally ill family member? That’s where a Special Needs Trust comes into play. Its basically a will with provisions in it to provide for someone who is disabled.
It will allow my son to inherit my estate without losing his social security disability insurance.
It will protect my child’s financial future, a trustee oversees his assets. He won’t be able to buy a Ferrari, nor will anyone be able to take advantage of him.
Since my son is difficult, I chose the attorney who wrote the trust to be the trustee. Just be sure to choose a firm that will be around for a while. It is a big can of worms if the Trustee dies before the beneficiary.
This is a VERY specific document. FEW attorney’s are legally qualified to write one. Do your homework.
Got a question relating to mental illness?
Peace Protection Hope & Happiness