A special needs trust is a trust that can be used to protect the assets and provide for the needs of someone who has a disability. Arizona special needs trust can be created by either the individual with a disability or their guardian.
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A special needs trust is different from other trusts in that it is specifically designed to meet the needs of people with disabilities. To create a special needs trust, you will need to gather the following information:
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The name, age, and legal status of the person with a disability
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The names and addresses of the person's guardians (if different from them)
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The amount of money that you want to put into the Trust
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The duration of the trust (how long it will last)
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What type of trust law will be used (generally, this will be either intestate or testamentary)
Once you have this information, you can begin creating your special needs trust. There are several things to keep in mind when creating your trust. First, make sure that you choose an appropriate trustee. This person should have experience dealing with people with disabilities and should have access to all relevant information about the person with a disability. Second, make sure that the trust agreement is clear and concise. Finally, make sure that any special needs included in your trust agreement are addressed.
Creating a special needs trust can be an important step in protecting your loved one's inheritance if they are unable to make decisions for themselves. If you have any questions about how to create or update a special needs trust, don't hesitate to reach out to an estate planning attorney.