Do you have a child with a disability? Are you concerned about what will happen to him or her when you pass on?
Since you care for this person and understand his or her daily needs, you may struggle with the idea that you will not be around forever. This is where a detailed estate plan comes into play.
Here are some tips for developing an estate plan for a child with a disability:
— Get organized and stay organized. This is job number one, as disorganization can make it a challenge to stay on track. From keeping your estate planning documents in a safe place to reviewing these often, don’t make any mistakes in regards to organization.
— Consider all your options. There is more than one type of estate planning strategy if you have a disabled child. For example, a special needs trust may make the most sense but you don’t want to stop there. Consider every option that is available to you, from a power of attorney to advance health care directives.
— Work with an attorney. There is more to estate planning than meets the eye. This is not a do-it-yourself project, especially when you have a disabled child who will require special attention after your death.
There is a lot that goes into developing an estate plan when you have a child with a disability. By taking the right steps at the right time, you’ll find it possible to get on track without delay. This will go a long way in putting your mind at ease.
Source: Special Needs Alliance, “Developing an Estate Plan for Parents of Children with Disabilities: A 15-Step Approach,” accessed June 20, 2017