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 . Special needs planning to give you the peace of mind and you get confidence when you know the future of your child or another family member who is having special needs . At times, families do put off the job of special need planning because at times it can be overwhelming 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.
A letter of intent is an important requirement when you have a special need plan . The letter of intent functions as a roadmap for any person involved with your child’s future care . 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 .
When you are writing a will, it is important that you consider stating the person you entrust both your property and your special child. 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, it solves more of your problems, this is because with it in your special need planning you will be sure that your child will be given the best care .
When you have the special need plan, you should include the person you want to look after your child, and you should state how you want the wealth to be distributed . 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 .
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