5 Vital Reasons To Update Your Special Needs Trust When The Clocks Change

Don't Forget To Update Your Special Needs Trust

As we approach the time of year when we move our clocks forward, it’s important to remember that this is also an excellent opportunity to revisit your estate planning documents, including your special needs trust. Updating your special needs trust when the clocks go ahead can help ensure that your loved one with special needs continues to receive the support they need, even after you’re gone. In this blog post, we’ll explore why updating your special needs trust when the clocks go ahead is a smart move.

What Is A Special Needs Trust?

Before we delve into why it’s important to update your special needs trust, let’s first understand what it is. A special needs trust is a legal document that allows you to set aside money and assets for the benefit of a person with special needs. These trusts are designed to help individuals with disabilities maintain eligibility for government benefits while still receiving the additional support they need.

Changes in Laws & Regulations - Update your Special Needs Trust

Laws and regulations regarding government benefits and special needs trusts can change over time. Updating your special needs trust when the clocks go ahead can ensure that it is in compliance with any new laws or regulations that may have been enacted since you last updated it. This will help ensure that your loved one with special needs continues to receive the support they need without any interruptions.

Changes In Your Personal Situation

Your personal situation may change over time, and your special needs trust should reflect those changes. For example, you may have acquired new assets or received an inheritance that you would like to include in the trust. Or, you may have had another child who you want to include in the trust. Updating your special needs trust when the clocks go ahead can help ensure that it reflects your current situation and that it continues to meet the needs of your loved one with special needs.

Changes In Your Your Loved One's Needs

Finally, your loved one’s needs may change over time. Perhaps they require additional medical care or have developed a new interest that requires additional funding. Updating your special needs trust when the clocks go ahead can help ensure that it continues to meet the evolving needs of your loved one with special needs.

Conclusion - The Importance Of Updating Your Special Needs Trust

Updating your special needs trust when the clocks spring forward is not just a prudent action; it’s a proactive measure that can safeguard the ongoing support and well-being of your loved one with special needs, long into the future. As time progresses, various factors such as shifts in laws and regulations, alterations in your personal circumstances, and changes in your loved one’s needs can all impact the efficacy and relevance of your special needs trust. Therefore, it’s imperative to conduct regular reviews and updates to ensure that the trust aligns with your current situation and your loved one’s evolving requirements. If you haven’t revisited your special needs trust in some time, the onset of daylight saving time presents an opportune moment to do so. By taking the initiative to review and potentially revise your trust document now, you can proactively address any outdated provisions, anticipate future challenges, and make necessary adjustments to enhance its effectiveness. Don’t underestimate the importance of this task; by staying proactive and vigilant, you can ensure that your loved one receives the comprehensive support and protection they deserve, both now and in the years to come.

Special Needs Trusts Online Can Help!

I am a Special Needs Trust Attorney and I am here to help. I am the founder of a nonprofit corporation to that provides quality information about resources available to families as well as providing affordable Special Needs Trusts and estate planning for families. I have over 20 years of experience helping families just like yours. Find out more information at SpecialNeedsTrustsOnline.com or click here to set up a free appointment.

Source: specialneedstrustsonline.com