Importance 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 . 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. When you are using the special letter of instruction, it works as the way forward when you have the special needs planning . With the availability of the special instruction to guide the caregiver on how you want the caretaker to handle your child. Writing a will is very important when you have the 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 .
When there is trust, you can easily have the needs plan . 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 .