Estate Planning When You Have a Disabled Child

Estate Planning When You Have a Disabled Child

Every parent worries about what will happen to their children when they are gone, but when a child is disabled that worry is particularly acute.

Planning for their future is of the utmost importance, and there are steps that you can begin taking at once to ensure a secure future for your disabled child.

First, create a letter of intent. This will include instructions to be followed by family and friends in the event of your death. You’ll need to leave all the information necessary for another person to step in and manage the care of the child. This can include everything from managing the daily routine, instructions for medication, the child’s likes and dislikes, how medical appointments are managed, and even the passwords to all the accounts a caregiver might need to access. This will help avoid disruption to the child’s routine.

It may seem obvious, but meet with a lawyer. They can help build your vision of what the future will look like and it is money well spent. Certainly, writing a will, establishing a special needs trust, and creating an estate plan will be part of the services a lawyer will provide.

One of the greatest concerns is who will be responsible. You’ll need to establish a power of attorney or designate a guardian. How much can your child understand or do for themselves? If they are competent, a power of attorney will allow others to assist them. Supported decision making can allow people with intellectual disabilities to make their own choices while enjoying support and protection.

An ABLE account can ensure that benefits aren’t jeopardized. This account will hold funds to a child’s account never has more than $2000, since a larger balance could put government benefits in peril.

These are just a few steps to get you started on the road to peace of mind.

For more information, please read:
4 Tips for Estate Planning When Your Child Has a Disability | Yahoo.com

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