32:["$","$L33",null,{"category":"$34","relatedArticles":[{"id":"cG9zdDoyNjQ0ODA=","databaseId":264480,"postId":264480,"author":{"node":{"id":"dXNlcjoz","databaseId":3,"userId":3,"avatar":{"url":"https://secure.gravatar.com/avatar/47938df052bf0a5283bd6b77ab786737?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"SmartAsset employs a team of writers and editors with years of experience in the editorial, news and personal finance industries. Some staff members also hold the Certified Educator in Personal Finance (CEPF®) designation from the Institute for Financial Literacy.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Michael","fullName":"SmartAsset Team","lastName":"Carvin","name":"SmartAsset Team","postCount":{"pageInfo":{"offsetPagination":{"total":1611,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"mcarvin","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybTo4MjYw","children":{"nodes":[{"name":"Estate Tax","slug":"estate-tax","__typename":"Category"},{"name":"Gift Tax","slug":"gift-tax","__typename":"Category"},{"name":"Inheritance","slug":"inheritance","__typename":"Category"},{"name":"Other","slug":"other-estate-planning","__typename":"Category"},{"name":"Trusts","slug":"trusts","__typename":"Category"},{"name":"Wills","slug":"wills","__typename":"Category"}],"__typename":"CategoryToCategoryConnection"},"databaseId":8260,"categoryId":8260,"link":"https://smartasset.com/estate-planning/articles","name":"Estate Planning","postCount":{"pageInfo":{"offsetPagination":{"total":268,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"estate-planning","ancestors":null,"parent":null,"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$35","date":"2024-10-05T00:37:08","excerpt":"

A special needs trust provides financial support for a disabled person without affecting their eligibility for benefits like SSI or Medicaid. Families or caregivers can fund the trust with cash, investments, life insurance and other assets. The trust covers expenses not paid by government programs, such as education, housing and personal care. A financial advisor […]

\n","featuredImage":{"id":"cG9zdDoyNjQ0ODM=","databaseId":264483,"altText":"A mom thinking about a special needs trust for her son.","date":"2024-10-05T00:29:50","fileSize":218868,"mimeType":"image/jpeg","modified":"2024-10-05T00:34:48","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2024/10/iStock-1252287390.jpg","__typename":"MediaItem"},"modified":{"datetime":"2024-10-5","readable":"October 5, 2024","readableExtended":"October 5, 2024, 12:37am ET"},"multipleBylinesByRole":{"editedBy":{"id":"dXNlcjo5Mw==","databaseId":93,"userId":93,"avatar":{"url":"https://secure.gravatar.com/avatar/04483497dbd73f712b504e401c9c7d22?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Mark Henricks has reported on personal finance, investing, retirement, \r\nentrepreneurship and other topics for more than 30 years. His freelance \r\nbyline has appeared on CNBC.com and in The Wall Street Journal, The New York Times, The Washington Post, Kiplinger’s Personal Finance and other leading publications. Mark has written books including, “Not Just A Living: The Complete Guide to Creating a Business That Gives You A Life.” His favorite reporting is the kind that helps ordinary people increase their personal wealth and life satisfaction. A graduate of the University of Texas journalism program, he lives in Austin, Texas. In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"William","fullName":"Mark Henricks","lastName":"Henricks","name":"Mark Henricks","postCount":{"pageInfo":{"offsetPagination":{"total":809,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"mhenricks","__typename":"User"},"reviewedBy":null,"writtenBy":{"id":"dXNlcjoz","databaseId":3,"userId":3,"avatar":{"url":"https://secure.gravatar.com/avatar/47938df052bf0a5283bd6b77ab786737?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"SmartAsset employs a team of writers and editors with years of experience in the editorial, news and personal finance industries. 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","

What Is a Special Needs Trust?

","

A special needs trust is a legal arrangement designed to manage and protect assets for the benefit of a person with a disability. Its primary purpose is to supplement, rather than replace, government benefits such as Social Security or Medicaid.

","

This type of trust is structured to hold funds or other assets that can be used to enhance the beneficiary’s quality of life without disqualifying them from government assistance. There are two main kinds of special needs trusts:

","

A first-party trust is funded using the disabled individual’s own assets, often from a legal settlement or inheritance.
A third-party trust is created and funded by someone other than the beneficiary, such as a parent or grandparent, and is typically part of an estate plan. After the beneficiary’s death, any remaining assets can be passed on to beneficiaries.

","

The trust is overseen by a trustee, who manages the assets and distributes funds according to the trust’s terms. These distributions are typically used for things like medical care, education and recreation.

","

The distributions must be carefully managed to avoid jeopardizing the beneficiary’s eligibility for public benefits. Properly structuring a special needs trust requires careful planning and legal expertise to ensure compliance with state and federal laws.

","

What Types of Assets Can Go into a Special Needs Trust?

","

A special needs trust can be funded with a wide range of assets. Common assets include:

","

Cash: Direct contributions of money, often from family members or settlements.
Investments: Stocks, bonds, mutual funds and other investment vehicles..
Life insurance proceeds: Payouts from life insurance policies that are directed into the trust upon the policyholder’s death.
Real estate: Real property such as a home to provide housing for the beneficiary.
Personal property: Valuables like jewelry, artwork or other tangible assets.
Annuities: Regular payments from annuity contracts, structured to provide income for the trust over time.

","

Funding a Special Needs Trust

","

Funding a special needs trust involves transferring assets into the trust to ensure the financial well-being of the beneficiary. The process can vary depending on the type of assets and the specific terms of the trust. Here are five general steps that could help guide your funding:

","$48","

Risks and Challenges of Special Needs Trusts

","

Setting up a special needs trust carries risks, particularly around compliance with complex legal rules. If not handled properly, the trust could jeopardize the beneficiary’s eligibility for government programs like Medicaid or Supplemental Security Income (SSI). For example, direct cash distributions to the beneficiary could be counted as income, which could potentially reduce or disqualify their benefits.

","

The rules for special needs trusts are strict, especially about how the funds are used. Distributions should cover supplemental expenses like education, therapy, or personal care; not basic needs like food or housing, which public benefits cover. Breaking these rules can result in penalties or loss of benefits.

","

Additionally, trustees carry significant responsibility. Mismanaging trust funds, whether through poor investments or improper distributions, can lead to legal issues and put the beneficiary’s financial future at risk.

","

Bottom Line

","

","

Setting up a special needs trust offers families a way to provide for a loved one with a disability while preserving their access to public benefits. By carefully selecting assets and structuring the trust correctly, caregivers can help improve the individual’s quality of life. With the help of legal and financial professionals, families can handle the complexities of compliance and manage the trust responsibly.

","

Tips for Estate Planning

","$49","

Photo credit: ©iStock.com/beest, ©iStock.com/SeventyFour

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\n","featuredImage":{"id":"cG9zdDoyNzUxODU=","databaseId":275185,"altText":"A senior couple creating a financial power of attorney in Texas.","date":"2025-01-24T15:19:29","fileSize":147321,"mimeType":"image/jpeg","modified":"2025-01-24T15:22:28","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2025/01/iStock-157478319.jpg","__typename":"MediaItem"},"modified":{"datetime":"2025-1-24","readable":"January 24, 2025","readableExtended":"January 24, 2025, 3:23pm ET"},"multipleBylinesByRole":{"editedBy":{"id":"dXNlcjoxMTc=","databaseId":117,"userId":117,"avatar":{"url":"https://secure.gravatar.com/avatar/9fffe2eb35204e151b68731435d247c5?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Arturo Conde is a senior editor at SmartAsset. He has a master’s from the Graduate School of Journalism at Columbia University and a bachelor’s from the College of Arts and Science at New York University. 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But there are specific differences you need to know.","metaKeywords":"","metaRobotsNofollow":"follow","metaRobotsNoindex":"index","readingTime":5,"title":"How to Create a Financial Power of Attorney in Texas (TX)","__typename":"PostTypeSEO"},"slug":"financial-power-of-attorney-texas","status":"publish","title":"How to Create a Financial Power of Attorney in Texas (TX)","uri":"/estate-planning/financial-power-of-attorney-texas","tags":{"nodes":[{"name":"news-sitemap","__typename":"Tag"}],"__typename":"PostToTagConnection"},"__typename":"Post","adPageGroupOverride":null,"bylines":{"writtenBy":{"id":"dXNlcjo5NA==","databaseId":94,"userId":94,"avatar":"$4b","description":"Eric Reed is a freelance journalist who specializes in economics, policy and global issues, with substantial coverage of finance and personal finance. He has contributed to outlets including The Street, CNBC, Glassdoor and Consumer Reports. 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In Texas, a financial power of attorney can allow someone to manage your financial and legal tasks, like paying your bills and signing contracts, but not making medical decisions or changes to your estate. You can choose to give someone broad authority or specify exact powers and limitations. A financial advisor can also help you understand which type of power of attorney you could benefit from for your estate plan. Here is what you need to know to assign financial power of attorney in Texas.

","

What Is Financial Power of Attorney?

","

A financial power of attorney allows someone to execute financial or legal transactions on your behalf. This authority covers almost all interactions you can have with either the state or a third party except medical decisions, estate alterations or interpersonal relationships. For example, a power of attorney can sign contracts in your name, pay your bills and move your money, but they cannot force you into a divorce.

","

In Texas, the rules for power of attorney are similar to those in many other states. You can grant someone broad authority with only legal restrictions, or you can specify exactly what powers they have. You can also choose how long the power lasts: it can end if you become incapacitated, continue even if you are incapacitated, or start only under certain conditions.

","

Power of attorney can be extremely useful, but outside of estate planning or living wills it’s almost always best to use a limited grant. A general power of attorney is typically best if you are preparing against incapacitation or mental decline, making it a very important part of any late-in-life planning. Either way, make sure that any grant is tailored to your specific needs due to the vast nature of this authority.

","

How Do You Create Power of Attorney in Texas?

","

","

As with most jurisdictions, only a few steps are required to assign power of attorney in Texas. They are:

","

You must issue the grant in writing
You must have the grant notarized
You must be legally competent to make an assignment
To apply to real estate transactions, the grant must be filed with the relevant county clerk

","

Legal competence means that you must be at least 18 years old, of sound mind, and you must make this assignment with knowledge and intent. That is, you cannot be tricked into giving power of attorney. (Contrary to popular perception this is a general rule for all contracts, as no element of an agreement is binding unless you intended to enter into it.) Unlike some jurisdictions, you do not need to have witnesses for a statutory power of attorney, although they are required for a medical grant.

","

Writing the grant is a little more complicated.

","

Texas does not have a required agency form, so you can write your own assignment. It must have a few required elements though. It must state the grant that you are making (if this is a statutory/financial grant or a medical one), and any limitations on this power of attorney. The document must name your agent and the date that it is signed or takes effect, and it must include your signature.

","

If the grant is a durable or statutory power of attorney, it must include statutorily specified language to that effect.

","

For a durable grant, the document must include the following language in either exact or substantially similar form: “This power of attorney is not affected by subsequent disability or incapacity of the principal.”

","

For a springing grant, the document must include the following language in either exact or substantially similar form: “This power of attorney becomes effective on the disability or incapacity of the principal.”

","

While Texas does not require a specific grant form, it does provide one. In general, unless there’s a reason to do otherwise, it’s good practice to use either this form or a similar one that you receive from a legal service.

","

This can help you to avoid mistakes, since a good power of attorney form will walk you through the required elements and your options. A form will ask you what specific powers you want to assign, and what limits you want to place on the assignment, helping you to make sure that your grant achieves your goals without creating potential problems.

","

Bottom Line

","

","

Assigning financial (more properly known as “statutory”) power of attorney in Texas requires a written assignment. You must state your name, the grant of authority, the agent, and the date, and the document must be notarized.

","

Tips for Estate Planning

","$5c","

Photo credit: ©iStock.com/peepo, ©iStock.com/Wavebreak, ©iStock.com/vitranc

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A pour-over will is paired with a living trust to manage assets after death. It transfers any remaining assets into the trust instead of distributing them directly. This method prevents state laws from deciding how these assets are distributed. Although assets moved with a pour-over will may go through probate, they ultimately join the trust, […]

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","

What Is a Pour-Over Will?

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A pour-over will is a legal document that directs any remaining assets in an individual’s estate into a trust upon their death. This type of will works alongside a revocable living trust, transferring any assets not already placed in the trust during the individual’s lifetime after they pass away. It acts as a safety net, catching assets that may have been unintentionally left out of the trust. If certain assets are omitted, a pour-over will could help move them into the trust after death.

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Even though a pour-over will directs assets into a trust, it does not bypass probate. Any property covered by the will must go through the probate process before it can be transferred to the trust. The length and complexity of probate will depend on state laws and the value of the estate.

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As such, some individuals use a pour-over will as a backup while prioritizing direct transfers of assets to the trust to minimize probate delays and maintain privacy, since assets held in a trust do not become part of the public record.

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Do You Need Both a Trust and a Pour-Over Will?

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Key benefits of a trust, which we have already covered, include the transfer of assets to beneficiaries without going through probate, which will also keep them private. Additionally, they can also provide control over how and when assets are distributed to minor children, individuals with special needs or those who may not manage a lump sum inheritance well.

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But, a trust alone does not automatically cover all assets. For example, if you acquire new property or financial accounts and forget to retitle them in the trust’s name, those assets could end up in probate. In this case, a pour-over will help funnel any overlooked assets into the trust.

","

But even with a pour-over will, assets that are not held in a trust will still go through probate before being transferred. This can lead to delays and potential legal expenses. While the trust itself helps avoid probate for properly titled assets, the pour-over will only guarantees that the remaining assets eventually reach the trust. This highlights the importance of proactively transferring assets to the trust during your lifetime to minimize probate involvement.

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A pour-over will alongside a trust isn’t always necessary, especially if all assets are correctly titled in the trust’s name. However, this approach requires careful estate planning and regular updates to make sure no assets are left outside the trust.

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How to Create a Pour-Over Will

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","

If you want to establish a pour-over will as part of your estate plan, here are three general steps to help you get started:

","$6f","

After death, a pour-over will typically goes through probate, which is the court-supervised process of handling an estate. Probate can delay asset transfers, so minimizing what goes through probate is key. Transferring major assets into the trust while still alive reduces probate delays and keeps more of the estate out of court. However, you should still appoint an executor to manage the probate process so that all assets make it into the trust as intended.

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Bottom Line

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A pour-over will acts as a safety net for assets that are not transferred to a living trust. If an asset remains outside the trust at the time of death, this type of will directs it into the trust, so it follows the same distribution plan. By funneling assets into a single legal entity, a pour-over will helps streamline probate and estate settlement. Although it may still go through probate, the process is often simpler than managing multiple separate assets.

","

Estate Planning Tips

","$70","

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Probate can be a lengthy and complex process, leaving executors eager to find ways to expedite it. Familiarizing yourself with the legal procedures and documentation required to settle an estate efficiently is key to understanding how to speed up probate. A financial advisor can work with you to manage and distribute your estate. Here’s a […]

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1. Gather All Necessary Documents

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Executors trying to figure out how to speed up the probate process should begin with the paperwork and get a death certificate, access to the decedent’s will and any relevant financial documents, such as bank statements, property deeds and tax returns. Obtaining any outstanding bills or debts owed by the deceased is also important for accurate accounting during probate. Preparing well-organized records can prevent future requests from the probate court, which might otherwise slow down proceedings.

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2. File a Small Estate Affidavit

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If the value of an estate is under a certain limit, filing a small estate affidavit form can help bypass the probate court process to distribute assets faster to heirs. It’s important to check with local laws, as the specific requirements and asset limits vary by state. This is a speedy option when dealing with small estates.

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3. Notify All Parties

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Inform heirs, beneficiaries, creditors and other interested individuals as early as possible to reduce the risk of delays or disputes. Timely communication lets everyone prepare any necessary documents or address concerns, which keeps the process moving smoothly and prevents unnecessary legal back-and-forth.

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4. File Taxes Promptly

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Filing taxes promptly is another way to speed up the probate process. When someone passes away, their estate is typically required to file final income taxes and, in some cases, estate taxes. Delays in filing these tax forms may cause the probate process to stall, as the estate cannot be fully settled until the IRS has reviewed and approved the filings.

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5. Avoid Possible Disputes

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A smooth, conflict-free process is more likely to conclude probate in a timely manner. Disagreements between beneficiaries or other parties can cause significant delays, as legal battles often lead to court intervention. To minimize the chance of conflict, clear communication and well-structured estate planning are useful. Outlining specific wishes in a will and involving a trusted executor can help prevent misunderstandings.

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6. Pay Off Debts

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Unpaid debts often slow down probate, as the court will notify all creditors to ensure outstanding financial obligations are addressed by the estate. By settling debts early, you can help the estate move through probate more efficiently. This prevents delays from creditor claims or disputes and simplifies the final distribution of assets to beneficiaries, shortening the overall probate timeline.

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7. Consolidate Assets

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By gathering and organizing assets like bank accounts, investments and personal property in one location, the executor can quickly identify what needs to be distributed, avoiding delays from searching for missing or disorganized items. This also simplifies interactions with financial institutions, which reduces administrative hurdles and helps to speed up the probate process by finalizing the estate more efficiently.

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8. Hire an Experienced Estate Attorney

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Estate planning attorneys are well-versed in probate laws and procedures, enabling them to handle necessary paperwork quickly and without errors that could cause delays. They can also efficiently communicate with courts and other involved parties, reducing the chances of miscommunication or procedural setbacks. Additionally, an estate attorney can address potential issues, such as disputes over assets or creditor claims, before they slow down the probate timeline.

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9. Avoid Probate Altogether

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One of the most effective ways to speed up probate is to avoid it entirely. Placing assets in a revocable living trust allows beneficiaries to access them without going through the probate process. Additionally, joint ownership with rights of survivorship allows property to pass directly to the co-owner upon death and bypass probate.

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These accounts transfer directly to the beneficiaries, sidestepping probate. You can also grant an early inheritance through gifting, reducing the size of the estate and limiting the assets subject to probate.

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Bottom Line

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Taking steps to simplify probate can shorten the process and reduce the burden on executors and beneficiaries. Gathering documents, consolidating assets and settling debts early all help create a more efficient probate process. Estate planning strategies, like creating a living trust or setting up joint ownership can bypass probate, allowing assets to transfer directly to heirs. Preparing in advance and addressing potential delays helps make probate faster for everyone involved.

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Tips for Estate Planning

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