Three Ways to Prepare Your Trust for a Beneficiary with Health Problems

Three Ways to Prepare Your Trust for a Beneficiary with Health Problems

When your beneficiaries have preexisting health conditions, this can have an effect on your estate planning. In what ways may the plan be affected? Here are a few tips when it comes to leaving behind assets in trust for an ill family member. Keep in mind that these suggestions apply for family members with all sorts of chronic ailments, including mental illnesses.

• Your successor trustee will play a crucial role – Choose someone who you trust to be able to handle the delicate situations that may arise when carrying out your instructions regarding the dispensation of the trust.
• Your instructions need to be crystal clear – If your instructions are clear, this empowers your successor trustee to handle matters with the proper compassion, while also protecting the estate for your loved one. When it comes to financial matters, sentimentality can often be a detriment, whereas logical thinking can result in the best fiduciary decisions.
• Include disbursements for medical care – Make sure your loved one can get the medical care that he or she needs by allowing early disbursement of funds. This is especially vital if your beneficiary is a minor who may not otherwise have access to the money.

Compassionate Estate Planning in Southern California

For all of your estate planning needs, especially if your family faces a delicate situation, contact Petrov Law Firm. Call 619.344.0360 today to learn how our estate planning attorneys can help you to craft a plan that meets the unique needs of your family.