A Special Needs Trust for Illinois is designed to provide for the needs of a person with disabilities, while also providing for the needs of their family. It can be used to supplement government benefits and other income streams.
How to Create Your Own Special Needs Trust
The process of creating an SNT is not complicated but it does require some time and effort. In general, here are the steps:
1. Create a plan that outlines how your assets will be distributed after your death.
2. Choose who will serve as trustee and beneficiary for your trust.
3. Execute the trust by signing it with a notary public or lawyer present who will then file it with your state’s probate court.
Types of Special Needs Trusts
There are two types of special needs trusts: irrevocable and living. An irrevocable trust is one that cannot be changed by the person who created it. A living trust is one that can be changed or revoked by the person who created it.
An irrevocable trust is created to provide for beneficiaries with disabilities, usually in cases where the beneficiary cannot manage their own finances. It’s also used to ensure that someone with a disability will not lose government benefits if they inherit money or property.
A living trust is created so that people with disabilities can live independently and have control over their own lives, while still receiving financial assistance if needed, such as Medicaid support for long-term care services.