5 Reasons to Get a Special Needs Trust

If you are a parent of a special needs adult child, it’s important to make sure your child will be taken care of when you’re incapable of caring for them. You can have a trust created that outlines steps for their care once you die or are incapacitated. There are five reasons you should get a trust.

Special Needs Trust and Assets

A special needs trust ensures that you can leave assets for your adult disabled child. This is a legal means of securing support for your beneficiary just as any other type of trust. Whether your child is living with you or in a group home, when you leave the trust, it can provide assets to them to keep them comfortable and cared for in the long term.

Assigning a Trustee

When you have a trust for your special needs adult child, you can appoint a trustee to manage the decisions regarding your assets and how they are distributed. You get to choose how that person does this as your child is unable to independently manage finances. The trustee must abide by your wishes. However, it’s wise to appoint someone other than a sibling or other family member due to potential jealousy and competition. You should also name a successor in case the person you name is unable to do the job.

Maintaining Government Aid

A special needs trust is a better option for an adult disabled child than naming them as a beneficiary in your will. Unfortunately, if your child needs assistance like government benefits, naming them in your will can prevent them from getting that aid. Specifically, adult children who are left more than $2,000 in assets can be turned away from receiving much-needed government assistance.

Protecting Assets from Creditors

Another benefit of a special needs trust is that it can protect your child if you are in debt and creditors try to collect on that debt. If you are no longer around but never satisfied your debt, creditors can turn toward your child for it. The special needs trust can protect your assets and your child. The same can be said for a divorce as the trust protects your child in ensuring they still receive the full support you want and have outlined. A probate attorney in Las Vegas can help you prepare the document.

Preserving Family Wealth

Finally, a special needs trust is helpful for preserving family wealth. If you have concerns about providing for your adult disabled child and believe they may outlive you, having a trust is essential. However, if you have other children as well, you can also have a clause in the trust stating that if your special needs child dies, the assets can be distributed to your other children. This ensures the finances stay within your family.

A special needs trust is a wonderful way to continue to care for your child when you’re no longer around.

Smart Changes to Your Will After Your Spouse Passes Away

One of the most important things you can do in life is to create a will for yourself. This, however, becomes a little tricky when spouses are involved. After all, you two will accumulate wealth together throughout your life, and thus you must agree on certain terms once you both pass away. So, what happens when your spouse passes away first? The following includes important information to keep in mind in order to make smart changes to your life will.

What You Can’t Do

One of the most common questions asked after a spouse passes away is if their will can be changed. The answer to that is no. Any personal attorneys or a business planning lawyer in Las Vegas that the spouse may have had on the payroll will take steps to protect the person’s wishes outline within their will.

Early Death and Minors

If you and your spouse have signed up for a joint will, then you will need to make some changes, especially if your children are still minors. When these wills are signed, they are intended to simply transfer estate assets to living relatives. However, life often doesn’t go as intended. Accidents happen, and if your spouse passes away due to illness or an accident, then that can leave some uncertainty. Therefore, it is imperative that you seek your life will and add a couple of names of potential guardians for your children in the event that you pass away while they are still minors.

Adding Charitable Donations to Your Life Will

When a spouse passes away, that means that you are now usually only gathering one source of income. This may not affect you at the moment, but it can certainly diminish how much your family inherits after you pass. A smart thing to do may be to add a few charitable donations to your will. This could help you reduce the amount of taxes your estate will be charged by the state.

When we pass, we want to make sure that everything we’ve worked for is given to the right individuals. This is why having your will secured is so important to have your last wishes come to fruition, but who should protect your copies of your will?

Who Should Have Copies of Your Final Will?

No matter how much you have, it is highly recommended by attorneys to make sure you have a will in place in the event of your sudden death. However, you also want to make sure that once your final will is complete that it is stored in a safe and secured area, but what does that really mean? The following includes important information that includes where you can store your will and who you should entrust with copies of it as well.

Final Will Don’ts

According to a trust administration lawyer Las Vegas, the last place you want to have your will located in is in a safe deposit box. This is because in the event of your sudden death, your family will need a court order to be allowed to open the safe. This, of course, is a very lengthy and expensive process to go through.

Who Should Have a Copy?

The best person to have a copy of your final will is your personal attorney. Even if you don’t trust them with your full will, they should at least have some copies of signed documents in regard to your assets. However, it is highly recommended to provide the attorney a copy of your signed will in the event of a disaster where all your documents are destroyed. In this case, at least your attorney will still have a copy that you can recreate into a new final version if you wish. So, what happens if your attorney passes before you, what happens to your will? The simple answer is nothing; you simply receive it back into your possession and are allowed to amend it if anything has changed.

Read on to learn a few options to store your will after you’ve prepared it.

Three Will Locations to Help Guarantee This Important Document’s Security

If you’ve created a will, you’re probably wondering where the best will locations are. This makes perfect sense as a will contains vital information that you should protect. Read on to learn three places you can keep your will.

Executor

An executor is defined as someone who is named in the will or appointed by the court who is given legal responsibility to take care of a deceased individual’s remaining financial obligations.

Storing your will with executor is a great option because this will ultimately be someone you already trust with your financial information.

If you’re concerned about your executor seeing your will, just place it in a sealed envelope, and request that it only be opened in the case of your death.

Your Home

Storing your will in a secure location in your home may be another great option. If you choose to go this route, it’s a good idea to invest in a fire and waterproof safe to keep your will secure. This not only minimizes the risk of destroying your will in the event a natural disaster occurs, but it minimizes the risk of who has access to it.

Only you and your executor would need to know where it is located inside your home. With that said, be sure to give your executor the safe code along with the location of the safe.

County Clerk: One of the Best Will Locations

Storing your will with your county clerk might be another great option depending on where you live. A county clerk will usually store it for a nominal fee.

If you choose to store your will with the country clerk, be sure to tell your executor and beneficiaries. Generally, the county clerk won’t be the first place to look for a will so informing them will minimize complications.

If you have prepared your will and are considering your storing options, it’s a good idea to contact an estate planning lawyer in Las Vegas. An estate planning lawyer will help address your concerns about your will and provide you with insight on where to best keep it.

Read on to learn the difference between a will and a living will and why you need them.

How Wills and Living Wills Affect Your Financial Affairs

Financial preparedness is important for everyone. Although wills aren’t something that many people enjoy discussing, it’s beneficial to get your financial affairs in order and have an understanding of them.

Organizing Financial Affairs: Understanding a Will

A will is a legal document that articulates who you wish to distribute your property to, along with the care of any minor children you may have after your death.

Individuals who don’t establish a will ultimately leave decisions about their estate up to the judge or state officials.

Although many individuals avoid preparing a will, it’s beneficial to have one in place. A will helps you and your family have a clear understanding of who gets your assets. In addition, having a will in place ensures that your heirs can access your funds a lot easier.

If you have children, you will also be able to determine who will care for your children should something happen to you to give you peace of mind.

Understanding a Living Will

A living will is a legal document that spells out your personal choices regarding your end-of-life medical care. A living will maps out things such as what medications you want or don’t want to prolong your life.

Keep in mind that a living will isn’t just for end-of-life care. It can be beneficial even if you are under anesthesia for surgery and need someone to talk to the doctors for you.

One of the main benefits of having a living will in place is that you can still have control over your life. A living will allows you to voice any medical concerns you may have and the procedures you want or don’t want, even if you aren’t coherent.

Another benefit of a living will is that it alleviates stress for family members who may find themselves making life or death decisions about your care.

How Wills and Living Wills Differ

If you’re getting your affairs in order, then it’s a good idea to contact a business planning lawyer in Las Vegas. The main difference between a will and a living will is its function.

A will determines how your estate will be distributed after your death whereas a living will outlines your medical care. However, both are beneficial in ensuring you keep your affairs in order.