Why is Special Needs Trust Administration Important in the San Fernando Valley? Management of a Disabled Person's Funds

Administration Of Special Needs Trusts in the San Fernando Valley

Do you need special advice about the management and administration of a special needs trust in the San Fernando Valley?  Our lawyers have over 27 years of experience advising trustees about special needs trust administration. Mina N. Sirkin advises residents of San Fernando Valley who are normally Special Needs Trust parents and grandparents about the details of administration and planning for a special needs trust in the San Fernando Valley.

Special Needs Trust administration is very important because the trustee has a fiduciary duty owed to the beneficiary and must exercise complete loyalty to the beneficiary, along with the exercise of discretion in spending.  Mistakes in how the money is expended can not only result in liability, but can result in the loss of government benefits.

Top 10 Tips in Administering Special Needs Trusts:

1. Set up a Trust file, and read it several times.
2. Create a trust inventory.
3. Carry adequate insurance.
4. Contact a financial advisor who is familiar with the Prudent Investor Rule.
5. Have an accountant do your accounting.  Have him/her set up a quarterly upload of the trust's financial statements so you do not have to rush at the end of the year, or at the time of accounting.
6. Communicate with the beneficiary, if possible.  If a beneficiary cannot communicate, talk to caregivers, conservators and other family members to get updates of on how the beneficiary is doing at least once every two months. 

Attorney Mina N. Sirkin has helped thousands of San Fernando Valley residents in administering special trusts.  Ms. Sirkin is a California Board Certified as a Specialist attorney in Trust law by the State Bar of California and regularly writes about special needs trusts administration and formation.  Contact: 818.340.4479 and [email protected]

Do you need special advice about the management and administration of a special needs trust in the San Fernando Valley?  Our lawyers have over 27 years of experience advising trustees about special needs trust administration. Mina N. Sirkin advises residents of San Fernando Valley who are normally Special Needs Trust parents and grandparents about the details of administration and planning for a special needs trust in the San Fernando Valley.

Special Needs Trust administration is very important because the trustee has a fiduciary duty owed to the beneficiary and must exercise complete loyalty to the beneficiary, along with the exercise of discretion in spending.  Mistakes in how the money is expended can not only result in liability, but can result in the loss of government benefits.

Top 10 Tips in Administering Special Needs Trusts:

1. Set up a Trust file, and read it several times.
2. Create a trust inventory.
3. Carry adequate insurance.
4. Contact a financial advisor who is familiar with the Prudent Investor Rule.
5. Have an accountant do your accounting.  Have him/her set up a quarterly upload of the trust's financial statements so you do not have to rush at the end of the year, or at the time of accounting.
6. Communicate with the beneficiary, if possible.  If a beneficiary cannot communicate, talk to caregivers, conservators and other family members to get updates of on how the beneficiary is doing at least once every two months. 

Attorney Mina N. Sirkin has helped thousands of San Fernando Valley residents in administering special trusts.  Ms. Sirkin is a California Board Certified as a Specialist attorney in Trust law by the State Bar of California and regularly writes about special needs trusts administration and formation.  Contact: 818.340.4479 and [email protected]