In the event that a family needs to appoint a trustee for a loved one’s finances, it’s important that the situation be handled carefully, with the beneficiary as the priority.
There is a process that should be followed, to ensure that the health and well-being of the special needs individual is the focus. This can include a combination of a special needs trust, and an advisor who understands the rules and regulations of what to do, in addition to a family member or friend who knows the person with disabilities well but might not have direct responsibilities. The trustee can decide what power to assign to the advisor, perhaps regarding financial investments or distributions, or the ability to make changes to the oversight of the trust.
“While these situations are not uncommon, it’s critical to ensure due diligence and thoughtful deliberations about the roles and responsibilities the trustee and advisory committee will have in managing the affairs of the loved one with special needs. An ideal situation will differ depending on the circumstances, but ensuring the right people are in the right positions will contribute to a meaningful solution.”
