Taking care of a child with special needs is a lifelong challenge. However, there is an inevitable moment for every parent who has such a child where they come to terms with the fact that they might not be there for their child forever. While this may be hard to think about, the alternative is equally painful. After all, you need to be sure that someone will take care of your child with special needs if anything ever happens to you.
Special needs children need specialized estate planning
Estate planning for children with special needs is much like estate planning for a typical family. The only difference is that you need to be a bit more detailed in how you approach the planning process. This extra level of care ensures that your child’s unique needs are met even when you are no longer around.
How do I start estate planning for my children with special needs?
- Get organized: Start by gathering all important documents, such as medical records, financial statements, and other legal documents. Store these in a secure place, like a filing cabinet or a cloud drive. Make sure someone you trust knows how to access these files.
- Power of attorney: Hiring a lawyer is crucial for estate planning, especially when you’re getting your finances in order. Ensure that the lawyer you hire is knowledgeable not just in estate planning but also in the various laws and benefits that your child with special needs is entitled to. This will help you make informed decisions that protect your child’s future.
- Conservatorship/Guardianship: One of the most important aspects of estate planning when you have a child with special needs is ensuring they have someone to take care of them when you’re gone. This is where a conservator or a guardian comes in. A conservator or guardian will manage your child’s personal and financial affairs, ensuring they receive the care and support they need.
Estate planning for children with special needs requires careful consideration and detailed planning. By getting organized, hiring a knowledgeable lawyer and establishing a conservatorship or guardianship, you can ensure that your child will be well taken care of, even in your absence. While it may be a difficult topic to confront, taking these steps will provide you with peace of mind, knowing that your child’s future is secure.