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Estate Planning

Wills: Protecting Benefits

Image of a computer monitor with a web browser page open. Banner image of a gavel, and the words 'Will and Testament'. There is a menu of selectable options on the left hand side.

Text reads: Title: Wills: Protecting Benefits.

When drafting a will, you should take into consideration your child's future needs for public benefits and the potential benefits of placing assets in a special needs trust. Does your will protect your child? This is important because children may lose eligibility for federally funded benefits if they receive funds, property, or assets directly in their name. This includes money received from an insurance policy that is directed to the child by name. This also applies to bequests from relatives. Funds should be placed into a special needs trust instead of being left directly to the individual to safeguard the child's access to public benefits. For more information regarding a special needs trust, visit the lesson on Special Needs Trusts.

 
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