The question of whether a trust can cover micro-adaptive technologies – things like advanced prosthetics, smart home systems adjusting to changing health needs, or even gene therapies – is becoming increasingly relevant as technology rapidly evolves and integrates into healthcare and daily living.
What Happens if My Trust Doesn’t Account for Future Technologies?
Traditionally, trusts were established to cover tangible assets and foreseeable expenses like medical bills, housing, and caregiving. However, the cost of micro-adaptive technologies can be substantial – a sophisticated prosthetic limb can easily exceed $50,000, and ongoing maintenance or upgrades add to that. If a trust document doesn’t specifically address these types of expenses, or lacks the flexibility to cover unforeseen advancements, beneficiaries may face significant financial hardship. A study by the National Institutes of Health revealed that over 65% of individuals with disabilities reported needing assistance with funding assistive technologies. This underscores the necessity of forward-thinking estate planning. It’s not enough to just plan for *current* needs; we must anticipate how future innovations might impact a beneficiary’s quality of life and financial security.
How Can a Trust Be Structured to Include These Technologies?
Several approaches can be taken to ensure a trust can cover micro-adaptive technologies. First, the trust document should include broad language allowing for expenses related to the beneficiary’s “health, education, maintenance, and support,” without being overly specific. This provides some flexibility. Secondly, the trust can include a specific allocation for “future medical technologies” or “assistive devices,” setting aside a dedicated amount of funds. Steve Bliss, an estate planning attorney in Wildomar, often recommends establishing a “technology fund” within the trust, which can be periodically reviewed and adjusted based on advancements and costs. A well-drafted trust should also designate a trustee with the authority and understanding to make informed decisions about these types of investments.
I Remember Old Man Hemlock’s Story – What Can Happen If You Don’t Plan?
Old Man Hemlock was a fixture in our town, a brilliant engineer who lost his legs in an accident. He had a fairly standard trust established decades earlier, intending to provide for his care. When advanced, micro-processor controlled prosthetic legs became available, offering significantly improved mobility and quality of life, his trust couldn’t cover the $75,000 price tag. The trustee, bound by the restrictive language in the trust document, deemed the new legs “not essential” and refused to authorize the purchase. It was heartbreaking to see a man who could have regained much of his independence remain confined to a wheelchair. He often remarked, “I planned for life, but not for *this* life, with all its new possibilities, and now I’m stuck.” It was a stark reminder that estate planning isn’t a one-time event, but an ongoing process.
But Thankfully, There Was A Happy Ending With The Millers
The Millers came to Steve Bliss with a similar situation. Their daughter, Lily, was born with a rare genetic disorder affecting her mobility. They knew that advancements in micro-adaptive technologies, like exoskeletons or brain-computer interfaces, might dramatically improve her life. Steve worked with them to create a trust that included a dedicated “future technology fund” and granted the trustee broad discretion to authorize expenses related to Lily’s health and well-being. Years later, when a revolutionary robotic exoskeleton became available, the trustee was able to authorize the purchase without hesitation. Lily was able to walk, attend school, and live a much fuller life. Her mother said, “Steve didn’t just help us plan for Lily’s future; he helped us *empower* her to create it.” The Millers proactive approach saved their daughter from years of suffering and paved the way for a life filled with possibilities.
“Failing to plan is planning to fail.”
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About Steve Bliss at Wildomar Probate Law:
“Wildomar Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar Probate Law is a great estate lawyer. Probate Attorney to probate an estate. Wildomar Probate law probate lawyer
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Estate Planning Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Services Offered:
| estate planning | revocable living trust | wills |
| living trust | family trust | estate planning attorney near me |
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/RdhPJGDcMru5uP7K7
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Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951)412-2800/address>
Feel free to ask Attorney Steve Bliss about: “How do retirement accounts fit into an estate plan?” Or “How long does probate usually take?” or “Do I need a lawyer to create a living trust? and even: “What should I avoid doing before filing for bankruptcy?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.