It is natural for special needs parents to worry about their child’s future. Today, you and your family might be able to care for your child and cover their needs. Still, an accident can happen at any time, leaving your special needs child without the support they need to thrive. Estate planning can ensure their needs are taken care of, even when you cannot do it yourself.
All parents should consider an estate plan, especially if their children are young. However, special needs parents need to consider additional factors. For example, you might have to think about your child’s abilities and limitations to determine the details of your estate plan. Additionally, you could designate a trusted family member to take care of your child and protect their interests.
Creating an estate plan
An estate plan consists of legal documents determining what will happen to an individual’s property and assets when they pass away. It can include a will, trusts, powers of attorney, and other legal instruments. This set of documents can ensure your child receives adequate care and sufficient resources without going through complicated legal procedures.
Furthermore, an estate plan can be modified later. This can allow you to adjust it to your current needs. For instance, if you have more children in the future, you can modify the documents to include them in your will. Additionally, if your children’s needs change, you can adjust your plan to cover everything.
Do you need a special needs trust?
In Pennsylvania, you can create a special needs trust. This instrument could allow your child to keep receiving governmental assistance, such as Medical Assistance (MA) or Supplementary Security Income (SSI), even if they receive an inheritance. This way, your child can use the funds to improve their quality of life without giving up their disability benefits.
Still, to create a special needs trust, you must designate a trustee to manage the assets. Choosing an individual or company you trust is crucial since their decisions will directly affect your child. Also, depending on your needs, you will need to select a type of Special Needs Trust.
Choosing a plan that fits your needs
Every family is different and has distinct estate planning needs. So, consulting with an attorney is essential. They can evaluate your situation and create a strategy to protect your child. Additionally, they can guide you through future modifications. This way, you can corroborate that your estate plan is up to date and legally valid, ensuring your child will receive adequate care if challenging times arise.
