Estate Planning: Things to Consider

Parents with special needs children face certain challenges when it comes to estate planning. There are certain things they must consider that parents of non-disabled children don’t need to, including the following:

1.      The child’s disability, and what that potentially means for the future. Parents should keep in mind whether their child is likely to be able to do things such as manage a household, or deal with her own finances. Because it can be particularly difficult to estimate future disabilities in very young children, parents should speak to their child’s doctor or medical team to determine a potential long-term prognosis. While it can feel pessimistic to imagine your child not living independently, and while your first impulse may be to think the best, erring on the side of caution will be best for your child when it comes to estate planning.

2.      Whether your child will be able to live independently when you die. A guardian or conservator will need to be named if your child is young enough to require one, or if your child’s disabilities require lifelong supervision and care.

3.      The types of government benefits your child is eligible for. These can be affected if your child inherits assets. Your attorney can help you structure your estate plan so that your child’s government benefits aren’t affected.

4.      Your own finances. You’ll need to determine the worth of your estate if you die in the near future. Your estate plan should remain flexible, as circumstances often change between the time a plan is written, and the time of your death.

5.      The experience of their attorney. While all people benefit from the advice of an attorney while crafting an estate plan, parents with special needs children benefit from the advice of an attorney who is familiar with the challenges they face. For experienced advice on developing an estate plan with your special needs child in mind, contact us to find out how we can help.