Benefits of Special Needs Planning
If you have a child with special needs you should have some special needs plan which is very important because it will give the child an extra layer of protection to the child. When you have the special need planning, it helps you to make plans for the future of the child who is disabled or a family member who is disabled this will help you to have a peace of mind because you know no matter what happens things will be under control. Most of the time people in the family do not consider this process of special needs planning because at times the process can be overwhelming and confusing . When you have decided to have the special need planning, it is the best decision that you can make, this is because it will be the only way that you can protect your child .
A special letter of instruction is a critical component of a special need plan . The letter of intent is important since it works as a guideline when you have special needs plan. When you have a letter of intent it will guide the person that will be taking care of your child who has special needs . Writing a will is very important when you have the special need plan .
Your previous will has instructions, including a special needs trust, for the management of assets passing to your child with special needs . If you do not have any will,you will learn that the government will intervene and know how the property should be divided . Having a will help in knowing how your wealth will be distributed, and also people will know the person that you are entrusting your children with .
A special need trust is the main tool that is commonly used in special needs planning . 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 as a tool when you are planning; it will enable you to have a more peace of mind because you are very sure that no matter what happens your child will still be taken care of.
When you have special need planning, you should include the name of the person you want to be taking care of your children or the special child, and you should include how you want your assets to be divided. Special needs planning should only be undertaken under the counsel and guidance of an experienced attorney this is one area of planning that should never be done by yourself alone you should learn more of how to do the special needs planning before doing it.