Benefits of Special Needs Planning
When you have a child who has special needs, you have to make an estate plan which is very important, and it will provide an extra layer of protecting your child . Special needs planning to give you the peace of mind and you get confidence when you know the future of your child or another family member who is having special needs . At times, families do put off the job of special need planning because at times it can be overwhelming and confusing . This process of planning its not as difficult as you might expect, and it is the only way to ensure your child who has special needs has received the best care when you can no longer provide that care yourself .
A letter of intent is an important requirement when you have a special need plan . When you are using the special letter of instruction, it works as the way forward when you have the special needs planning . A special of instruction is a working document that enables a prospective caregiver to carry out your wishes and manage the needs of your particular child . When you have the last will it is also essential in a special need plan .
When you have written down your will, it includes who you have trusted in handling the assets, and the person will give them to your child . If you do not have any will,you will learn that the government will intervene and know how the property should be divided . Having a will help in knowing how your wealth will be distributed, and also people will know the person that you are entrusting your children with .
A special need trust is the main tool that is commonly used in special needs planning . When you have the special need trust it acts as a shield of the inherited properties so that the beneficiary will still get the protection . 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 . Each of these individuals plays a separate and distinct role, so you will want to consider your choices and alternates carefully so you can make the best choices of how you want your special child being taken care of .