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Estate planning important for individuals with disabilities

On Behalf of | Aug 10, 2020 | Estate Planning |

A disability can happen to anyone at any time. Those who live life on the edge in Texas can get into a life-altering accident while others are susceptible to their family’s medical history and genes. Disabilities can also happen to those who have means and those who qualify for Medicare. Once a disability has been diagnosed, it is time to start estate planning. When family members notice that a loved one’s disability is worsening, it is another reason to ensure that all his or her affairs are in order.

For individuals with a disability, setting up a special needs trust sooner rather than later during estate planning is highly recommended. The trust sets up the assets required for support during the rest of the person’s life and death. It also names the trustee. Naming the trustee helps prevent confusion and potential fights post-death.

Those who qualify for government aid benefit from this type of trust too. It puts all the assets in a safe place, which prevents accidental mistakes by family members. In case divorce seems to be on the horizon, all the assets are in one place, which is helpful for the proceedings. Assets are also protected in the trust from creditors. Just as important is that a trust protects the family’s wealth.

Estate planning helps an individual establish how his or her assets are going to be distributed once he or she passes. This is a favor an individual can do for his or her family because it prevents unnecessary stress and fights. Plus, this is when an individual can set aside the funds to pay for all the costs associated with death. To navigate through the estate planning process, consult with a legal professional in this legal area. Individuals who have a disability are especially encouraged to speak with a legal expert so that all bases can be covered in a timely manner.