Each special needs person requires different types of support to fulfill their individual and unique needs in Estate Planning. It is possible to chalk out support effectively to empower rather than control, to liberate than confine. According to Forbes, discrimination against special needs people, surely is a violation of and deprivation of human rights.
Estate planning is a must for every family. However, it should be given top priority by families with special needs persons. After the caretaker’s death, a crisis may arise. It is imperative to have a well-defined plan in place, in the absence of a caretaker. The estate plan should provide all the necessary details relating to the concerned person’s continued care and support.
If you fail to seek legal guidance from a qualified and experienced special needs estate planning attorney, it will be the most glaring blunder that leaves your near and dear ones without the resources and funds necessary for their support and care. You should get in touch with reputed special needs law firms like Shields Law Firm for experienced and specialized attorneys. Let us explore some devastating blunders in your ‘special needs estate planning’.
Mistake: Not Bothering To Have Any Plan
The biggest blunder is leaving behind your loved one without a written and detailed estate plan. After the demise of the caretaker, the special needs person or family member may inherit a part of or the entire estate as per the existing state law. It is crucial to seek legal assistance or guidance because the inheritance may lead to the ‘special needs individual’ losing government benefits due to restrictions relating to asset ownership.
Mistake: Deciding In Favor Of a Do-It-Yourself Estate Plan
A DIY estate plan seems adequate for a person with no kids, negligible assets, and if he is unmarried. However, it is not enough or appropriate for estate planning to support and secure your special needs family member. DIY estate plans fail to address complex matters like special needs planning. Moreover, some documents for DIY estate planning downloaded from the web may not be updated or valid in your state. Often the person chalking out the estate plan on his own may not implement the documents correctly. The ultimate result is definitely worse than not having any estate plan.
Mistake: Making Use of a Regular or Standard Trust Agreement
Most families have the foresight to provide for their ‘special needs loved one’ by establishing a trust agreement. The trust will receive the inheritance on his behalf. The trustee is responsible for utilizing the trust assets to take care of and support the special needs family member. However, remember to create a ‘special needs trust’. It is way different from other standard trust agreements. If you fail to opt for a special needs trust agreement, your loved one may lose his right to government benefits since he or she has access to his or her inheritance.
Special needs planning seem to be overwhelming and complex. You should ensure that your loved one or child with special needs has the necessary funds or resources to support a quality life even after your death. Make sure that you do not cut off government benefits by mistake.