A special needs trust is a special kind of estate planning that provides special needs people, such as disabled people, elderly people, or people with mental health or learning disabilities, who benefit from a trust. The following are the duties of a special needs trust in Illinois.
Protect your Investment
A special needs trust protects your investment. This is because beneficiaries with disabilities are often younger and healthier than the general population, resulting in sizable investment gains over time.
Ensure Assets are used as Intended
Most people will want to pass on assets to their loved ones in a Will. However, a Will may not reflect a person’s preferences if they have a special needs trust. If a disabled person wants to leave money to a special needs trust, they should instead make an assets-based trust.
Preserve Public Benefits
One of the most important things you can do for a special needs trust in Illinois is to ensure the trust benefits the intended beneficiaries, not just the trust owner. This means you should consider beneficiaries other than the people you want to share your trust with.
Why Choose Life’s Plan
Choosing a special needs trust in Illinois can be challenging because of the many options to choose from. Life’s Plan, Inc. is a special needs trust that stands out from other special needs trusts because of its wide range of services. You should contact them to talk to one of their managers and learn more about their organization.