Quora Answer: How Do You Set Up a Special Needs Trust?

The following is my answer to a Quora question: “How does an adult set up a special needs trust for themselves?”

By definition, a special needs trust is simply a legal arrangement for a chronically or terminally ill person, or a disabled person, to receive income from the trust, as a beneficiary, without impacting their eligibility for public assistance.  This is because the trust is a distinct legal entity, and the assets under the trust are not considered the assets of the beneficiary, even if he were the settlor.

What they can do is arrange for a lawyer to create the fiduciary relationship, and register the trust in the same manner one would set up any trust, and make it irrevocable.  In Singapore, the process is simple enough.  Registering a trust, by yourself, should not cost more than $1,000., and be done within the day.  The complication arises from appointing good trustees to manage, and disburse the funds, to the beneficiary.