If you want to make sure that your loved ones are well cared for after you pass away, setting up a trust fund is a great way to do that. Many people think of these as something that are used for immediate family members, like children, but you are not limited to doing that. If you want to set up a trust fund for a niece or nephew, a Woodland Hills trust attorney can help you do that.
Is It Possible to Set Up a Trust Fund For My Niece or Nephew?
Many people set up trust funds for their children, but setting one up for a niece or nephew is also possible. If you have no children of your own or a particularly close relationship with your niece or nephew, this can be a great way to ensure that they are well taken care of after you pass away. Our estate planning lawyers can help you explore the different kinds of trust fund options that are available to you. We can also help you appoint a reliable trustee to oversee it all, especially if your nephew or niece is young and unable to manage money well themselves.
What If My Niece or Nephew Has Special Needs?
If your niece or nephew has special needs, a trust is an excellent option. There is a trust designed for this specifically, a special needs trust. This allows you to provide for your loved one without affecting how the government sees their assets or income. What this means is that someone relying on government benefits, like supplemental security income or Medicaid, does not risk having their benefits cut off due to the funds that you have left for them.
Should I Make Other Family Members Aware Of My Plans?
It is also a good idea to reach out to family members and make them aware of your plans. If you talk to the parents of your niece or nephew, you can make sure that your plans do not conflict with any financial plans of theirs. You could also allow them to free up money for other expenses that their children will face. For example, maybe the money in your trust can pay for your nephew’s college education while the parents save up to help them with graduate school.
Do I Need an Attorney to Establish a Trust?
Establishing a trust and an estate plan on your own can be difficult, so we do recommend working with an experienced attorney. A lawyer from our firm can make it easy to set up everything so that there is no confusion about what needs to be done with your assets after you pass away.
Schedule a Consultation
When you are ready to make an estate plan of your own, don’t go it alone. An experienced attorney can make the process much easier. Contact the Law Offices of Yacoba Ann Feldman and schedule a consultation to learn more about our services.
