A Debt Free Retirement Plan

One of the secrets to a financially secure retirement is becoming debt free, at least as free of debt as possible. When you go into retirement with a large mortgage payment and credit card debt, chances are your will be stretching your income to the limits just to make ends meet.

Although retirees of past generations also made it a goal to become debt free before they reached the age of retirement, they were far more successful than today's seniors. A bad economy and modern lifestyles have made it very difficult to pay off debt before retirement, but it is still possible with enough planning and budgeting.

The first thing you need to do to ensure a financially secure retirement is to have some type of retirement plan. Your plan should include investing and saving so that you will have more money to live on when you do retire. Though you will likely receive Social Security, in most cases the amount that you will get will be too little to get you through retirement. If your employer offers a 401k, take advantage of this retirement savings tool, plus you may want to put money away in an IRA account. There are several ways in which you can invest for retirement; to find out what method would be best for your particular situation you will want to consult with a professional financial planner.

The second part of your retirement plan should be a strategy to become debt free by the time you are ready to retire. To do this you will need to budget. Find as many ways that you can to cut your expenses within reason. Of course you don't want to live a substandard life now in order to have money when you retire, but there are a number of ways to cut expenses that shouldn't affect your current lifestyle to a great extent.

You will next want to make use of all of this extra money you are saving by paying down your mortgage and ridding yourself of other unnecessary debt, such as credit cards, auto loans, etc. If possible, keep only one credit card and make sure it is paid down each month. Avoid impulse buying by making it a habit of waiting a week or two before making any large purchases. The better you budget and plan now, the happier you will be when it comes time to retire.

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Probate Laws and Your Estate

A brief reference to estate planning and probate law as it relates to personal trusts and estates, and the effect probate has on estate taxes.

Estate planning is sometimes an uncomfortable topic of conversation when one is referring to probate law, and when speaking about probate at all, you begin to refer to the estates of either those who are recently deceased or those who are unable to handle their own assets while still yet considered living. Probate law can be a real hassle without the right authority helping to guide you through your legal dilemma, and there are few ways around actually contacting a lawyer, someone who will look out for your interests. A good place to start looking would be with a search engine on the internet.

Planning for your estate in advance can save much hassle on behalf of those who are handling your estate for you once that task becomes too great an inconvenience, there are many details that easily become too much for one person to handle alone, and assigning a worthwhile lawyer to the task can quickly become difficult to manage if someone doesn't come to mind right away. Perhaps looking into a relative's trusts and estates after contacting the right personal authority may spread some insight into the overall view, as both financial and integral damage to the foundation of both family, and the friendly relationship surrounding after death can be a devastating blow.

Estate taxes can quickly get out of hand if one were to dive into their estate planning without thinking ahead, and sometimes a person can be overcome by anxieties over these vital issues enough not taking a breath in to realize what is going on around themselves. Taking the time to confront the need for help might be scary enough as it is, but everyone should take the time to absorb the information that could mean the difference in getting out of probate after passing away, or the dark end of long battles.

Timing is essential to the way in which one's trusts and estates will make the most sense, there is never an easy guarantee that makes probate law a simple concept to confront, but there is some idea of hope when preparing for a distinct opinion that makes sense for you. Personal preference when navigating the concepts of trusts and estates can be a gut instinct, whether you happen to have stock in the success of a small business, or pursue some kind of personal retirement fund. There is always a time to consider trusts and the probate laws to will apply after steps to revive may have failed.

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How to Select an Executor for My Last Will

Once you have decided to create your will, picking your executor is the next most important step.

Your executor is the person who will manage all your affairs once you have passed away. These duties include working through the Probate Court process, the settlement of all your debts, the payment of any estate taxes, and managing the distribution of your assets to each of your beneficiaries.

As you can see, you need to pick your executor very carefully. Some attributes to look for is someone that:

You trust implicitly Is well organized Understands commitment Appreciates deadlines And has the patience of a mother and the tenacity of a master sergeant

Should I pick a family member?

Great question. There are pros and cons on both sides. A family member may know your wishes better than anyone. That said, appointing a family member may also create a conflict of interest. The family member executor has complete control over your assets and could conceivably manipulate the distribution of assets to his /her benefit. There are lots of horror stories were the executor either misappropriated or ran off with the money.

Does the executor get paid?

The laws vary from state to state and some states set a cap on fees.

Hot tip: In my case, I have identified two executors to my estate. One is my business partner and one is a close family friend. They both know the spirit, intent, and goals I have outlined in my will. Also they (and their spouse) are the beneficiary of a 10-day cruise of their choice anywhere in the world as my way of thanking them for taking care of my affairs once I am gone.

Can the executor ask for help?

Absolutely. The attorney that helped draw up your will would be a good place to start. As an example, there have been recent changes to the estate tax code that can greatly benefit the surviving spouse, but (there always a 'but') the executor must file the needed paperwork within nine months of your death. Rather than having the executor trying to figure that all out, go find an estate lawyer you trust.

The Take-Away

Picking an executor is extremely important and there are several parameters to consider when selecting yours. Family members may or may not be the best qualified. At the end of the day is comes down to one simple word-integrity. Don't pick with your heart, go with your gut. You will be pleased when you do.

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Why Everyone Should Make a Will

Your last will and testament, everyone should have one but you would be surprised at the large percentage of people who do not even consider making any preparations for when they have gone. In 2011 it was estimated that around 70 percent of UK adults had not written a will of any sort. This can cause a myriad of problems and is called dying intestate. If you die intestate, your estate will divided in accordance with the law, even though you may have intimated your wishes to those close to you. Death can affect people in many different and out of character ways. It is difficult for a grieving individual to think clearly and it is at a time like this a will would help greatly to stop any family squabbles which invariably ensue as to who gets what. On many occasions families can be split after a death and can fight bitterly over heirlooms and monies which different people perceive to be theirs.

If you want your family to have as stress free a time as possible after your death then you need to make a will which is legally binding and made through a specialist lawyer.

There are many companies which have sprung up online which profess to help you write wills. Often these individuals have no legal training whatsoever and if you are looking to make a will which has different clauses within it they will certainly not be qualified to help and advise you on the legalities of your situation. Alternatively some individuals elect to write their own wills. Again it is always better to ensure that your family are provided for in the way in which you intend them to be by taking legal advice on your will. Will lawyers charge a relatively small amount of money to write your will and you will be able to relax in the knowledge that you have a legal document which will stand up to scrutiny in years to come.

Writing a will is especially important if you are living with a civil partner or if you have a few children and you wish your estate to be divided in a certain way. There is a myriad of reasons as to why you would need a will written especially in these modern times of second marriages and step children. Your specialist wills solicitor will be the person to help and advise you under these circumstances and they will also be able to advise at to whether there are any taxes such as inheritance tax for your survivors to pay.

To conclude, although many people see it as a very morbid and stressful thing to do, this needs to be transcended as dying intestate will potentially cause the loved ones who survive you a great deal of pain and worry. Make sure that you put your final instructions down on paper with a good lawyer. You and your loved ones will then have peace of mind for years to come.

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Choosing A Good Firm To Write Wills Online

The Internet did bring to the world ease and convenience in doing almost anything. Even those things that people often consider unnecessary and even fearful. Today, close to anything can be done online, from talking to family and friends to banking, shopping, studying, dating, and now even writing wills online.

The Internet brought the human race ease and convenience in doing things that it otherwise considered unnecessary, difficult, or impossible to do. From communicating, to shopping, banking, studying, dating, and even writing personal wills.

Writing someone's will and testament is one of the things that even though very important, often are put off repeatedly due to fear, cost, and lack of the necessary professionals to do it. Writing online wills makes it such that the whole process is done at the comfort of someone's home or office, at the hour of their choosing.

Writing a will has been feared and put off due to high costs. Wills are very important, even if one does not 'plan' to depart soon. Doing all of this online makes it much easier to deal with the whole process since it is carried out at the comfort of home or office at the most convenient time for anyone.

Writing wills online beats the traditional way of going to a physical office and that takes the load off the complete legal process too. Wills are legal documents and well recognized by law. The writing of wills online does produce legal wills that are indeed as binding as the wills written in an office.

The process of writing wills online is but a standard online affair. Much like any online transaction, it involves selecting an online will company, creating an account there, filling a questionnaire, and finally selecting a payment mode.

One of the main advantages other than convenience is the cost. Hourly rates for lawyers and solicitors can total in the hundreds per hour and in many cases, much of this work can be done by you. Writing wills online means that no one is billed for office hours spent making the will and does not need to keep paying appointment fees every time he or she wishes to make some changes.

The main difference however is much more evident in cost. Writing wills online does not require the person to go to a solicitor's office and be billed by the hour, suffer appointment fees, and other similar fates. Writing wills online will only call for one fee that is clearly indicated upfront.

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Creating Medical Power of Attorney for Your Children

Most of the times parents have to take decisions associated with medical care of the children. But some parents may have to leave the children for an extensive period of time which makes it necessary to keep a medical power of attorney. According to the legal document, the parents are authorizing another adult to take decisions based on the medical care for their child during the absence of the parent. In case of any emergency, you can avoid unnecessary delays in the treatment of your child by giving the responsibility of their medical care to an agent.

Health care providers perform whatever emergency treatment required for stabilizing the child in case of any emergency, but some other procedures should need the consent of the parent. The importance of medical power of attorney is relevant in such cases so that if the parent is unavailable to provide consent to do the procedures necessary for the child's life, then the designated agent should take decisions or actions. Agent with personal values and religious beliefs similar to that of the principal is recommended by the medical association. Religious beliefs play an important role while selecting an agent as some religions does not allow medical treatments for their believers. If you select an agent with similar beliefs, then you can protect the child as per your wish.

While selecting an agent, the parents have to remember certain things. The agent should not be the health-care provider of the child, home-care provider of the child, an employee of residential-care provider of the child or an employee of health-care provider of the child. These exclusions should be made while selecting the agent so that you can make sure that your child gets the best treatment. The execution of medical power of attorney varies from one state to another because some state insists that you should sign the document before the notary public whereas other state recommends that parent should sign the document in front of one witness as well as the notary public.

The medical power of attorney for your child can be revoked at point of time by the parent. In order to revoke the document, the only thing that has to do is that the principal should intimate the agent or the health care provider of the child in writing. Automatic revocation occurs when the principal execute another medical power of attorney with another agent for his/her child. When the new document becomes effective, the old legal document naturally expires. If you any doubt regarding this legal document, you can take the legal advice of a well experienced attorney and it is always better to hire an attorney to get the draft of the document. This is considered as the non-durable power of attorney because of the limited time period and scope of this legal document.

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How Does The Process of Probate Work?

Probate is a legal proceeding that has to do with managing an estate after someone dies, such as a family member or other relative. In the state of California, probate proceedings are conducted in the Superior Court in the county in which the decedent lived. Probate can take many months up to several years to complete. Probate laws are designed to ensure that creditors are appropriately paid and that heirs receive their inheritance. If you need help with legal matters associated with probate, contact an Orange County estate planning attorney.

The process of "probate" begins with a petition to open the estate and name a personal representative (person responsible for managing the estate) who will handle the decedent's property and assets. Following this step, an official "Notice of Creditors" will be printed in a local newspaper and a Notice of Administration will be sent to the parties who are involved. The creditors will have a specified amount of time to file their claims against the estate. Once the personal representative pays the debt, they can move forward by distributing the remaining assets belonging to the estate. Upon completion, a petition for discharge will be filed with the court and the estate will be subsequently closed.

Even small estates can go into probate. In the state of California, estates valued over $100,000 are typically entered into probate. However, if the decedent was survived by a spouse, there is a possibility that it may not go into probate, unless the property includes real property valued more than $30,000.

Matters relating to estates can be volatile and contested amongst family members and other individuals involved. There is often times a lot at stake when a property goes into probate. If you anticipate encountering any sort of dispute with an estate entering probate, you should contact an estate planning attorney that you can trust.

These are situations that will not only affect you, they will have a profound impact on your entire family. To ensure that this situation is carried out legally to make sure that all documents are binding, it is in your best interests to get the involvement of a knowledgeable lawyer from a local firm. When looking for such a firm, it is encouraged that you do your research and find a firm that has the experience, knowledge and reputation that you can rely on. This is not a situation that you can procrastinate so don't wait - call a lawyer today!

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A Case Study Of John Hunter And The Need to Update Wills

A recent estate planning horror story illustrated why updating a Will, and being very careful with the language in a Will, is important.

For those who may not know the full definition of a Last Will; it's a document a person drafts in order to dispose of his or her property after death. With a few exceptions, if the Will is properly signed and witnessed, and the drafter is competent, then the Will dictates what property goes to whom.

Unfortunately, many people fail to update their Will on a regular basis, and clauses in the Will can become outdated and no longer applicable to those who are alive when the drafter passes away.

Case in point: John Hunger. John married the love of his life in his thirties and moved to Minnesota. His wife, Evelyn, had two children from a previous marriage. John raised the two step-children as his own and the family had a fantastic relationship, but John never formally adopted them as there didn't seem to be any reason.

Doing the responsible thing, John drafted a Will that disposed all of his assets to his Wife, but if she were to predecease John, then his assets would go "to my beloved children".

Tragically, Evelyn died several years before John in a car accident. All of Evelyn's assets went to John. John's Will remained where it always had and he never re-drafted the Will or took it to an estate planner.

When John died, the only potential heirs were the step-children and a few siblings of John's. John's estate was worth several hundred thousand dollars, and the children challenged the Will in probate court because John had used the word "children" and not "step-children" to describe his heirs. Further, John never mentioned the two by name. Thus, the clause in the Will would be unenforceable and the assets would bass by state law - to John's only living relatives, his siblings

The Court held in favor of the siblings. The term "children" has a special and distinct meaning in the law. The two step-children were never adopted, and thus were not named in the Will.

John clearly intended his inheritance go to the children, but had assumed that Evelyn would survive him, and thus his asset would go to Evelyn and then to the step-children. Now none of Evelyn's assets went to them, because John inherited Evelyn's assets. Now none of John's assets would be inherited by the children, because the language in his Will was flawed. A sad outcome indeed.

Wills should be reviewed at minimum of once every 5 years (preferably once per year) to see if heirs have passed on or if you have changed your mind on how you want your assets divided. A routing review takes no more than a few minutes, and once in a while it may be beneficial to have an attorney review a Will to make sure your desires are properly documented.

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Updating Your Will - There May Be More Reasons to Do So Than You Realize

Your Last Will and Testament is your only chance to decide what happens to your estate assets upon your death. It is the cornerstone of your estate plan -- the document from which all other estate planning tools flow. Once you have taken the time and effort to create your Will, don't make the mistake of failing to update it when necessary. Some reasons that a Will needs to be updated are obvious; however, consider the following, not so obvious, reasons as well when deciding if it's time to take another look at your Will.

Death: People think to update a Will when a parent, spouse or child dies, but the death of the person named as executor or guardian of your minor children can also prompt a review of your Will. The death of a business partner or even an in-law may also warrant a Will update.

Marriage or Divorce: Clearly, your own marriage or divorce calls for a revision of your Will; however, other marriages or divorces may also necessitate a change. The marriage or divorce of a parent, child or guardian, for example, can call for a review of your Will.

Birth: Although it is easy to rely on a generic term, such as "issue", to cover all of your children or grandchildren, it may be preferable to name each beneficiary by name in your Will to avoid any possible future confusion. As such, take the time to update your Will when there is a birth in the family.

Beneficiary Reaches the Age of Majority: Minors cannot inherit directly in your Will. As such, you likely named a trustee for any minor children when you made your Will. If a child has reached the age of majority, you will need to remove the trustee and provide for the direct transfer of those assets to the beneficiary in your Will.

Change in Assets: Although you may have a general provision in your Will for any asset not specifically named, if you acquire an asset worth a significant amount of money, or sell one, you may need to update your Will to address that asset for clarification.

Change in Location: In the confusion of a move, people typically don't think of how residency can affect a Will. State laws, however, can directly impact provisions in your Will, warranting a review and possible revision.

Change in State or Federal Laws: Laws change on a regular basis. Federal tax laws, for example, seem to continuously change. A significant change in either a state or federal law can result in the need to make a corresponding change to your Will.

You Reach the Age of Required Distributions: IRAs and 401(k)s typically require you to start taking distributions around the age of retirement. If you have significant funds in one of these accounts, the required distributions can change your asset structure enough to warrant a Will update.

Change in Guardian: This is a big, yet often forgotten, reason to update your Will. Regardless of the reason why you wish to change the named guardian for your minor children, if you wish to do so you must make it official by revising your Will.

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Simple Wills Can Cause Complexity If Not Properly Drafted

A Last Will And Testament is a document which provides for the distribution upon death of the assets an individual and his/her ancestors have accumulated during life. There are many formal legal requirements relating to the creation and execution of a Will which must be followed for the Will to be valid. A proper Last Will and Testament is intended to assist in the administration of one's estate after death. Shortcuts in drafting a Will can cause headaches and complexity.

Assume a situation in which a Will reads in its entirety, "I, (husband), leave all my property and holdings to (wife), so long as she remains my widow." Also assume the husband in this hypothetical had been married previously and had children from both marriages. There are two possible ways the will could be interpreted. First, the will could be read as granting a life estate to the wife, with whatever remained after her death to be equally divided among all of the husband's children. Alternatively, the will could be interpreted to grant all the property to the wife so long as she never remarry. Upon her death, the remaining property would be distributed in her estate and to only her children.

Due to the fact that the will is unclear as to the husband's true intentions, a Court would forced to determine his intent through evidence presented and testimony. In this situation, the court could determine that the husband intended only to grant a life estate and have any property that remained after his wife's death to be distributed to all of his children. One reason commonly cited by court decision is that a person must convey by "express language or necessary implication" an intention to disinherit. Since the interpretation granting all the property to the wife, so long as she not remarry, in turn disinherited the husband's children from his first marriage without any language regarding disinheritance, the Court could rule out that interpretation.

In this example, the failure to clearly state an intention to disinherit children of a prior marriage could potentially defeat the intention of the person who created the Will. Of course, it is impossible to determine the actual intent of the individual, since he is deceased. The court then would be only left with the ability to apply historical legal principles to try to determine what the individual actually meant.

The problem would have been averted if the Will have been properly drafted in the first place. This example represents why an attorney-drafted will in connection with an estate plan is the best way to see that your intentions are fulfilled. An attorney in the above case would have seen the issues raised by the husband's will, and would have constructed a will to reflect the true intention of the husband. Instead the Court, and not the husband, had the final say over how his estate was to be distributed.

This article is intended to present general information for educational purposes, is not legal advice and should not be relied upon in connection with any particular matter. The reader is advised to immediately retain their own separate legal counsel with respect to any specific legal issue. Rights to bring a claim will expire through the passage of time by the applicable statute of limitations.

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Everything You Need to Know About Last Will and Testament

If you want to settle or organize the distribution of your wealth, property or estate after your death, then it is time you get yourself a last will and testament. This legal document is important if you want your assets to be handled according to your wishes and specifications after your death.

This is a logical step to take if you are leaving behind your minor children and you want to secure their future. If you have a business, investments or huge savings, identifying the person or persons to handle or receive your funds or properties after your death is essential to prevent confusions and conflicts.

The Basics of a Will and Testament:

Any individuals who are 18 years old and above and in full possession of all their mental faculties can make a will. A will is commonly typed or printed and rarely are they hand-written. But in the case of a holographic will, you are required to sign it and the material portions should be handwritten. However, you must first check in your state if a holographic will is allowed as not all states in the U.S. are honoring holographic wills.

In executing a valid will and testament, the general requirements are written documents signed by you. Two witnesses are also needed and they should be physically present during your execution of your will. They should also be present when each is signing the document. If you are living or executing your will in Louisiana, you will be required to sign every page of the legal document and to notarize the execution of the will.

Any individuals who are of legal age and mentally competent can act as a will witness. However, in most states, there are some restrictions when it comes to beneficiaries standing as witnesses to a will. This is an information to verify with your state before you prepare a will. To err on the safe side, avoid appointing one of the beneficiaries in your will as a witness to prevent any legal challenges that he/she exerted some influence over you during execution of the will.

In almost all states, a valid last will requires only two witnesses, with Louisiana the only state requiring a will to be notarized. In most cases, wills should be executed by you on the last page. It is imperative that you initial or sign the bottom of each page of your will as well as execute the final page.

The Elements of a Last Will and Testament:

A typical will consists of the name of the executor, payment to creditors, burial provisions and specifications, charitable bequests and endowments, property bequest to beneficiaries and authority of the executor.

A contingent beneficiary is an individual who received the inheritance or bequest in the event that a stated contingency happens before your death. One of the most common contingent events is when the beneficiary died first before the will maker.

To avoid any future legal challenges, you must prove that the legal document was created of your own free will and not under provocation, intimidation or duress. There is no right time or place when it comes to executing a will and testament. Making a last will is usually associated with waiting for death to knock on the door.

However, if you are a parent with children, especially minor ones, creating a will with provisions that would protect their interest is essential. Keep in mind though that a will should be updated as circumstances are changing daily, such as a divorce, death of a child or spouse or birth of a child.

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What You Should Know About Working With A Will Lawyer

If you are in the process of updating your will or (gasp) you are yet to draw one up, you should meet with a reputable will lawyer to ensure that the documentation is in order and that there are no legal loopholes. Before going to meet with your lawyer, you should sit down and have a good think about the various assets that you own and whom you might like to bequeath them to. This can make it much easier when it comes to putting this down in words.

For those of you who have never written a will before, deciding who to leave your various assets to can be a very daunting task. The way that you word the bequest is highly important, and this is where the assistance of a will lawyer can really come in handy. By sitting down with your lawyer and writing your will together, you can ensure that all of your questions are answered as you think of them and that the wording of your bequests is perfect. Your lawyer can also discuss with you the different options available when it comes to your benefactors actually receiving their inheritance.

Do you have child or other relative that you are solely responsible for due to an illness or a disability? If the answer is yes, then it is very important that you meet with a reputable will lawyer to ensure that a long-term plan is in place for this person in case you were to pass away suddenly. This can include the nomination of other family members who will take on responsibility for the child or relative, the nomination of a care facility for the child or relative to enter, and the nomination of how funds are to be spent.

What many people fail to realize is that some inheritance, most notably property, is actually subject to a number of different taxes. A will lawyer can help you minimise the financial burden on your beneficiaries when it comes time to pay these taxes by suggesting some alternative routes. These routes may include gifting family members money in the years leading up to your passing and having two names on the deeds of all your assets (your own and the person who will ultimately inherit it).

If you need to update your will to include some new assets that you have recently acquired or some family members who have previously been left out, or you are writing one for the first time it is recommended that you meet with a reputable will lawyer to help you through the process. This will ensure that your will is a watertight document that no one can contest.

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Living Will FAQs - Should I Hire a Lawyer to Write My Living Will?

Question: How do I get a will?

Answer: Either you can hire a lawyer or you can do it yourself online. Drafting a will on your own without a lawyer or online legal service is not advised.

Question: What are some of the advantages of writing your own will using an online service?

Answer: Mostly cost. Hiring an attorney will cost you hundreds, maybe even several thousand dollars. Using an online will service will cost you around $100 on average. Generally, unless you have tons of assets this is the most practical. Care still needs to be taken to make sure that you're purchasing this service from a reputable source and that your will complies with state laws.

Question: What are some of the advantages of hiring a lawyer?

Answer: Less worry. A local attorney will be sure to go over everything thoroughly and offer recommendations as needed. He or she will be well versed in state laws regarding a "last will and testament" or "living will". You'll have comfort knowing that it will stand up in court and will be less likely contested.

Question: What if I decide to go alone and write it on my own?

Answer: Be sure to check with state laws and do some careful research. If there is any kind of confusion about your intentions in the document it could very well be thrown out. Make sure to be clear. Also make sure to check the rules regarding the signing and witnessing that are required for your state.

Question: When should I definitely hire an attorney to write my will?

Answer: If you have tons of assets in multiple states and/or countries or if you own a business your best bet is a qualified attorney. Additionally, if you're concerned about the welfare of your children that are still minors. If you've been remarried or you're in a same-sex relationship hiring a good lawyer is probably your best bet.

Summary

For most people a simple online will writing service will serve their needs well. If you attempt to go this route and find that it's difficult to understand or doesn't cover your needs then it's probably time to hire an attorney. If you have a love for research and are in need of a fairly simple will you can probably get away with writing your own. If you have a lot of assets or have a complicated situation protecting your loved ones from future troubles by having a professionally written will may be your best option.

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Special Needs Trusts - What Are They?

A special needs trust is one that gives parents the ability to provide for disabled children in the event of the parent's death. This type of trust, which is also known as a supplemental needs trust, ensures that a disabled person, who you care for, continues to receive the necessary care he or she needs even if you cannot provide it because of your death.

Benefits One of the main benefits of this type of plan is that it ensures that the disabled person's needs continue to be met. It also protects that person's ability to qualify for programs such as Social Security, Medi-Cal and government entitlements. Due to the limitations of these programs, those who qualify must not own numerous assets. According to the Social Security Administration, a person receiving these benefits may not have more than $2000 in any assets, which includes a vehicle or a house. Therefore, should you die, you cannot leave your home or your car to your child with a disability if he or she receives these types of government programs without some sort of trust to protect those assets.

Note that by placing these types of assets into a trust for the child, he or she can continue using them without loss. For example, a man sets up a trust to care for his son who is receiving Social Security income. To ensure the child continues to receive these funds in the event of the father's death, the father creates a trust that holds assets, including the home, car and money in savings. If the father dies, the child continues to live in his home, and continues to receive government assistance.

Why Not Just Give to Family? Sometimes, families will avoid trusts like this because they believe other family members will take in the child with disabilities and care for his or her needs. Any money you leave behind, though, may become a factor in divorces, debt settlements and even be lost through bankruptcy. The person you list may not spend the money on the needs of the person. In some cases, the added assets can force the person into a higher tax bracket, causing heavier taxation. Or the family member could die, thus putting the disabled child at risk.

How to Get It Contact your estate planning attorney to determine the specific requirements and qualifications for obtaining a special needs trust for your child. You will also need to plan who will be the person in charge of maintaining the trust on behalf of the child. Consider the value of using this particular type of protection tool to care for your adult or minor child.

Working With Estate and Wills Lawyers - What You Need To Know   Estate Planning: Secure Your Loved Ones' Futures   The Whole Story About Last Wills and Testaments   A Living Will - Your Medical Directive   An Intro Into Properties Planning