Legal Question in Wills and Trusts in California
I want to set up a fund from which my daughter with mental health issue can withdraw, for the rest of her life, a constant monthly stipend but she cannot cash out the whole of. What is the low cost way of doing it?
2 Answers from Attorneys
You are talking about setting up a special needs trust. A good, reasonably priced attorney would be the most cost effective way to set one up. You can probably find do-it-yourself kits to do it, but you will most likely find you or the trustee spending more money on attorneys in the long run if you go that route, than if you just pay a good attorney now to do it right.
I also would recommend that you set up a Special Needs Trust for your daughter. This can be done in a cost effective manner. I would not recommend a DIY (do it yourself) Special Needs Trust, though. A knowledgable trust attorney will be able to make this a painless process for you.
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