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Family trusts can secure meaningful education and life for children with special needs
Speaking at a workshop for parents of the children with special needs, Dileep Nambiar of Anand Rathi Financial Services said that a family trust as a private trust can be set up to benefit members of the family including children with special needs through its proper formation with parents as trustees along with a trustee being settlor and putting professional advice mechanisms in place.

The purpose of the family trust is to progressively transfer assets to the trust as a virtual family. This kind of set up helps the settlor to own no assets but have control over them through participatory management of the trust, he added.

In a family trust, the trustees own property or assets and make financial investment for the benefit of another person of the family called beneficiary. A family trust is a trust set up to benefit members of the family with deliberate planning and management of assets and investments, he elaborated.

He also talked about symbiotic trusts in which generally three to five families come together to form a trust to jointly benefit the family members and function as an extended family.

In the workshop, attended by 60 odd parents and kin of children with special needs, it was advised that once the family trust deed is formalized, the trustees must act responsibly for holding meeting regularly to action plan and review the progress of trust's activities and investments as well as ensuring that the trust fulfills its objectives and complies with its legal obligations.

The concept of family trusts is picking up slowly in the country in some big cities. The parents of the children with special needs were advised to experiment with the concept of family trust to secure the life and development of such children.

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