5 Tips on Writing a Will for Parents of Children with Special Needs
Comprehensive financial planning helps to secure children’s futures and also reduces worry of parents. As long as you are alive, you can manage your finances like a pro and take care of your children in the best possible way. But who will fulfill your child’s financial needs when you are no longer able to?
Your child will always be your child. And when your child becomes an adult, they may still need care and help. A will spells out how your assets will be distributed after your passing.
Learn more below from these tips on writing a will for parents of children with special needs.
1. Keep assets in a special needs trust
When you write a will, make sure you keep your assets in a special needs trust. Appoint a trustee who will take care of the assets in the trust. This can be a family member or friend, but do not appoint your child as the trustee.
2. Leave your assets to someone you trust, but not your child
No matter how much you love your child, do not leave your assets or money to them. This is because if your child’s assets are worth more than $2,000, they may be disqualified for federal benefits such as Medicaid.
3. Choose a guardian for your child
You can name a guardian for your child in the will. It is yet another reason behind writing a will. A guardian is someone you appoint to look after your child, make decisions, and take care of all their needs.
4. Writing a will is complicated — hire a professional
It is best to appoint a lawyer who knows your state’s disability laws and has worked with clients with special needs in the past. After you have finalized the documents, you can make several copies of the will. Distribute them amongst your lawyer, guardian, and executor, whose names are mentioned in the will.
5. Bottom line — without a will, your child could miss out on federal benefits
In the absence of a will, a probate court judge is most likely to appoint your child as a beneficiary. It could be disastrous for your child if become ineligible for federal benefits.
It is crucial that parents of individuals with special needs plan ahead for their child’s future and prepare for all possible outcomes. Browse more financial planning resources.
Valentina Wilson is a personal financial blogger. She loves to analyze personal financial matters and help others manage their finances in a better way.