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 . Most of the time people in the family do not consider this process of special needs planning because at times the process can be overwhelming and confusing . When you have decided to have the special need planning, it is the best decision that you can make, this is because it will be the only way that you can protect your child .
A letter of intent is an important requirement when you have a special need plan . The letter of intent is important since it works as a guideline when you have special needs plan. 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 .
Your previous will has instructions, including a special needs trust, for the management of assets passing to your child with special needs . If you do not have any will,you will learn that the government will intervene and know how the property should be divided . 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.
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