AmySue Taylor Law

You may create a special needs trust along with your will that will include a comprehensive care plan for your special needs person, and name a trustee to manage that trust according to its terms.

Yes. However, you may want to consider the unique requirements of each responsibilty. The guardian may have the best parenting skills, but may not be good at managing money. If you have concerns that the guardian may not be able to manage and make distributions under the trust according to what is specified, then naming another person to act as trustee is advisable.

A Will instructs the court on the distribution of your assets, but your estate must still go through the “probate” process prior to distribution. Probate may keep your assets tied up for a year or more. All legal expenses and court costs are paid by your estate. Living Trusts avoid probate and allow your assets to transfer within weeks or months. Living Trusts remain private. A Will records your personal information as public court record.

The State will decide how your property is distributed. In nearly every case, your estate will be depleted to pay huge probate fees, court costs, and attorneys fees.

An estate plan is simply a plan to look your assets and liabilities, consider your objectives for transferring the assets upon your death, and ensuring a smooth transfer with minimal taxation, expenses and inconvenience.