How Can a Corporate Trustee Assist Families Who Have a Child With a Disability?

It truly takes a village to raise children…more so when one’s child has a disability. A corporate trustee can offer valuable assistance to these families in several ways. Here are a few:

1. Trust Management: Setting up a trust is often crucial for families with a child with a disability. A corporate trustee can manage the trust funds, ensuring they are invested wisely and disbursed according to the trust’s terms. This ensures that the child’s financial needs are met over the long term.
2. Special Needs Trusts (SNTs): A corporate trustee can specialize in managing SNTs, which are designed to provide for individuals with disabilities without jeopardizing their eligibility for government benefits. They can navigate the complex rules and regulations surrounding these trusts to ensure compliance and maximize the benefits available to the child.
3. Professional Expertise: Corporate trustees have expertise in financial planning, investment management, and legal matters related to trusts. They can provide guidance and support to families in navigating financial decisions, estate planning, and other matters related to the child’s future care.
4. Care Management: Corporate trustees work closely with the beneficiary and can determine, through effective communication, if a particular care need arises that is outside the scope of government benefit coverage. Care Managers can then coordinate the specific care needed.
5. Continuity and Stability: Unlike individual trustees who may become incapacitated or pass away, a corporate trustee provides continuity and stability in trust management. This ensures that the child’s financial affairs are consistently managed even in the event of changes within the family or among individual trustees.
6. Conflict Resolution: In cases where there may be disputes or disagreements among family members regarding the management of the trust or the care of the child with a disability, a corporate trustee can act as a neutral third party to resolve conflicts and ensure that the child’s best interests are prioritized.
7. Educational Resources: Corporate trustees often offer educational resources and support to families, providing information on government benefits, legal considerations, and other topics relevant to caring for a child with a disability. This can empower families to make informed decisions about their child’s future.

Overall, a corporate trustee can provide invaluable support and expertise to families who have a child with a disability, helping to ensure their financial security and well-being both now and in the future.