What is meant by SNT?

A Special Needs Trust (SNT) is a unique financial arrangement tailored to cater to individuals with disabilities. It functions as a safeguard, ensuring that the beneficiary's assets are managed and preserved for their long-term well-being.

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The core objective of an SNT is to hold and administer assets on behalf of the beneficiary, who might not be capable of managing their finances independently due to their disability. This separation of assets from the individual's personal estate offers crucial protection.

By isolating the trust's assets from the beneficiary's estate, an SNT safeguards these funds from being subject to creditors' claims. This safeguard ensures that the intended resources remain intact, unencumbered by external financial pressures.

Furthermore, an SNT restricts direct access to the trust funds by the beneficiary, mitigating concerns about mismanagement or imprudent spending. Instead, a trustee, often a trusted family member or professional, is appointed to oversee the trust's administration.