Are you getting ready to plan your estate in California? This is a task that should only be entered upon after plenty of careful preparation. Part of this preparation may include getting up to speed on concepts like pooled special needs trusts.
What is a pooled special needs trust?
There are many details associated with the act of estate planning that will need your special attention. One of them may be creating the kind of trust arrangement that is right for your needs. This is where, for many trust creators, the idea of a pooled special needs trust comes to the fore. It’s an efficient and reliable plan to have access to.
A pooled special needs trust is a plan by which the assets of a disabled person will be held by a trusted organization that acts on their behalf. These assets contained in this trust can be made use of by the beneficiary when needed. This will normally be used to pay for food, housing and other types of necessities.
How do you use this type of trust?
An essential aspect of trust preparation will be knowing in advance how the arrangement is expected to work. All of the assets in this type of trust are grouped together in order to form a common pool to draw from. Each person privy to the account holds a separate sub-account that comes with their own available balance level.
This is an excellent option to choose if you don’t have a specific person in mind to name as a trustee. The organization that you name at this position can perform this tasks on your behalf, thus making the process more efficient.