An Integrity Monitor can make your special needs trust more effective.
You have a child or a loved one with special needs.
You want to ensure they are taken care of when you are no longer around to do so.
As a result, you created a special needs trust.
According to a recent Forbes article titled “Trusts, Special Needs Trusts, Family Offices All Need Integrity Monitors But Don't Know It,” you should also include an Integrity Monitor.
An Integrity Monitor is third party with investment management forensic and industry expertise.
Their role is to protect the administration of the trust from mismanagement.
Without one, you and your loved one could be taken advantage of through the trust.
No one wants this.
Integrity Monitors are not uncommon.
In fact, many companies will enroll the help of such individuals to detect and prevent fraud or unethical practices.
Although you will be paying for this service, the benefit will far outweigh the costs.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Forbes (January 30, 2018) “Trusts, Special Needs Trusts, Family Offices All Need Integrity Monitors But Don't Know It”