Special needs trust sets funds aside to benefit an individual with a disability. Parents and children who have special needs can use these trusts. Special needs trusts improve the quality of life of the named beneficiary without interfering with their eligibility for government benefits awarded on a needs basis. When a child is eligible for SSI, Medicaid, or any other public program that follows strict income guidelines; a special needs trust may be something you should consider when estate planning Virginia.  With these trusts, a trustee has to be named to manage them. Trustees are responsible for carrying out various duties; like with all trusts; and some that are specific to be the trustee of a special needs trust.

General Duties

All trustees should take overseeing the trust seriously. There are many things that a trustee finds themselves responsible for. They have to account for the property or funds named in the trust, and these accounts must be accurate. They are responsible for investing the funds within the trust. They are responsible for ensuring that all funds are disbursed successfully to the named beneficiaries in the trust. They must ensure that all required reports and takes are filed correctly. There are also special tasks they must carry out when they are the trustee of a special needs trust.

Special Needs Trust

The trustee over a special needs trust owes a fiduciary to the beneficiary and grantor. This means the trustee is required to act ethically and legally when going through the process of administering the trust. There are specific tasks that are specific to the special needs trust. Trustees of special needs trusts are required to speak with all professionals working with the beneficiary. They are required to have an understanding of both the lifestyle and financial needs the beneficiary has. They must take the time to make sure that the beneficiary will still meet all eligibility requirements for assistance based on the need they are currently receiving. They have to take the time to prepare required reports for the agencies responsible for administering the public programs.

If you have a child or beneficiary that is disabled, you want to make sure they have all the resources and financial stability they need to thrive after you pass. To do this, you must find a trustworthy and responsible trustee to oversee your special needs trust.  Like with any job, not all special needs trustees comply with legal obligations and duties. To protect your beneficiary and your interests you must understand the tasks required of a special needs trustee. An estate planning attorney can help you understand these tasks. By understanding what is required you can make an informed decision and name the best trustee possible to ensure all tasks will be completed as they should be. Your attorney can help you look at safeguards or detailed instructions you can add to help ensure things occur the way you want them to.