Benefits of Special Needs Planning
If you have a child with special needs you should have some special needs plan which is very important because it will give the child an extra layer of protection to the child. When you have the plan for the future of your child or a member of the family who has special needs, you can now relax because you know that everything is under control . At times family members find it hard to do this process because at times it can be devastating and confusing. The process of special need planning is important because when you have put it in place you are sure that in case you are not there to provide to the needs of the disabled child, the child will still receive the best care that they need.
When you have these special need planning; it is important that you have the tool of a special letter of instruction. The letter of intent functions as a roadmap for any person involved with your child’s future care . When you have a letter of intent it will guide the person that will be taking care of your child who has special needs . When you have the last will it is also essential in a special need plan .
When you are writing a will, it is important that you consider stating the person you entrust both your property and your special child. In case there is no will it is the responsibility of the law to know the way forward of distributing the property. By preparing a will, you decide how you want your estate to be distributed, and you also identify the person you wish to name as the guardian of your child or children .
When there is trust, you can easily have the needs plan . The purpose of having these special needs trust is to protect inherited assets so that the beneficiary will remain eligible for needs-based government benefits . When you have the special need trust as a tool when you are planning; it will enable you to have a more peace of mind because you are very sure that no matter what happens your child will still be taken care of.
Your planning should include both, who will be the guardian for your minor children and child with special needs, as well as who will be named as the trustee to oversee the investment, administration, and distribution of special needs trust assets . Special needs planning should only be undertaken under the counsel and guidance of an experienced attorney this is one area of planning that should never be done by yourself alone you should learn more of how to do the special needs planning before doing it.