Trusts can serve many purposes that benefit both the trust maker and the beneficiary. While trusts function as a way to transfer ownership of property from one party to another, the makers of trusts can dictate almost any terms they want when drafting them.
Many people choose to use trusts to ensure the long-term care of others. There are many types of Special Needs Trusts in Marietta, but they all need to follow the rules for construction under state law and clearly dictate the obligations of the trustee. An attorney is ready to explain the purpose of Special Needs Trusts and draft documents that meet your specific needs.
While most people imagine that Special Needs Trusts exist to benefit others, the fact is that transferring the ownership of property into a trust can help that property’s original owner. Placing property into a Trust means that the original owner no longer has any obligation to pay taxes on that property. In addition, placing property into a Trust with instructions for future payments to the creator can help people with mental or physical limitations to retain control over that property.
The key to all Trusts is the role that a trustee plays in the process. Under the Official Code of Georgia Annotated § 53-12-240, a trustee must always act in good faith when administering trust property. This means maintaining the property as effectively as possible and taking steps to ensure that the property retains its value. At the same time, trustees have an obligation to only act in the best interests of the Trust and the beneficiaries. These requirements should give Trust makers peace of mind that allowing another party to take control over their house and savings can still result in fair disbursal of payments in the future. This applies to Special Needs Trusts of all types in Marietta.
Another purpose of Special Needs Trusts is to provide for the long-term care of others. While people may decide to take it upon themselves to help adults with limitations or children who are not yet able to take care of themselves, the fact is that someone’s support may not always be available. A parent of an adult child may be nearing old age themselves, or they may want to place this responsibility in the hands of a qualified trustee.
In Marietta, third-party Special Needs Trusts of this type can satisfy this need. Trustees in these arrangements agree to both take needed steps to help property retain its value and to distribute assets to the beneficiaries in the proper amount at the correct time. This can supply people with special needs with the financial support that they need to cover their expenses.
Creating a Trust is a popular way to transfer property from one person to another. These can be especially powerful when the beneficiary is a person with special needs who may be unable to provide for their own care or maintenance. Having these arrangements in place can ensure that loved ones receive the financial support that they need while knowing that a trustee will be keeping the property in good hands.
Reach out to a lawyer today for more information about the types of Special Needs Trusts in Marietta. They are ready to explain how Trusts work, how they could benefit both you and a loved one, and how they could provide a better future for friends and family members.
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