Determining how one’s assets will be distributed after they pass away can be a complex task. When someone in Georgia creates a will, there are many things to take into consideration. This is especially true if an individual wishes to leave money or other assets to a person with special needs.
Often, those who have physical or mental limitations receive money and/or other benefits from the government. Benefits from the government generally have firm financial restrictions that determine an individual’s eligibility. These can be affected, and a person deemed ineligible for benefits, if the person inherits a significant amount of money or other assets.
Depending on the situation, creating a special needs trust might help an intended beneficiary more than leaving money directly to them in a will. When giving money to someone in a trust, rather than directly through a will, the beneficiary does not have actually have ownership of the funds. With a special needs trust, the intended beneficiary can still qualify for government benefits while also being able to receive treatments or medical equipment that are not covered by the government benefit plan.
When determining the best way to bequeath assets to intended beneficiaries, many in Georgia seek counsel from an attorney who is experienced in estate planning and will execution. Attorneys in this field can best advise their clients in how to structure a will or trust. Additionally, an attorney will be equipped to ensure that someone’s estate administration is carried out according to his or her wishes.
Source: USA Today, “Easing the burden: Estate planning, beneficiaries with special needs“, Isabell Mueller, Nov. 24, 2016