No one likes to consider their demise, but when children are involved it’s essential.
No one likes to consider their demise, but when children are involved it’s essential. And if you have a special needs child, planning is even more critical. A special needs child may outlive parents while needing lifelong support.
When you have a special needs child, you need the following documents without fail:
- A will
- A living trust
- Medical power of attorney
- Financial power of attorney
- Advance healthcare directive
- HIPPA authorization
It’s also important to take steps to ensure that your estate plan doesn’t prevent your special needs child from receiving government assistance like Social Security disability payments. For example, it might be possible to establish a special needs trust that will allow the child to still qualify for assistance.
Families need to think about their assets as well as what the child’s needs are now and in the future. For example, some families might want to consider a guardian and another person to assume fiduciary responsibilities, while in other cases these responsibilities might be vested in the same individual. It’s also critical to revisit plans every few years, as circumstances may change as the child ages.
For more information, please read:
What to consider when estate planning if your child has special needs | Statesman