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Dutchess OfficeConsider using co-trustees for your supplemental needs trust
Choosing a trustee to oversee your child’s supplemental needs trusts may be one of the most difficult and important decisions you will make. The trustee must be able to manage the trust, make proper investments, pay bills, and prepare tax returns. They must be organized, careful, knowledgeable about the law and capable of understanding your child’s needs.
A professional may best handle some of these issues, such as management and legal matters. However, they may not know a lot about your child’s wants and needs, and some people may be uncomfortable with the idea of an outsider managing a loved one’s affairs. As a solution, you may simultaneously appoint both a professional trustee and a family member as co-trustees. You may also hire a trust protector, who can review the trust and to hire and fire trustees, or a trust advisor, who can advise the trustee about the beneficiary’s needs.
To learn more about New York elder law, New York Estate Planning, NY Elder, and New York Special Needs Planning, visit LittmanKrooks.com.
Tags: new york elder law, new york estate planning, new york special needs, new york special needs planning, ny elder
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