Why Parents And Guardians Of Children With Special Needs Should Have A Will In Place
Parents and guardians of children with special needs can do everything perfectly from qualifying their child for government assistance, to establishing a trust, to ensuring that their daily needs are fully met. However, not having a legal Will in place may jeopardize much of the effort that you and your family invest into the care for your child.
Importance of Having a Will in Place
When somebody without a Will passes away, the government determines how the estate is distributed. If the decedent is not survived by a spouse but is survived by children, the assets will pass to the children. If one or more of these children has special needs and has been receiving government benefits, assets from the estate provided directly in the child’s name may disqualify them from receiving the public assistance funding. This is why having a legal Will in place is crucial.
Benefits of Having a Will for Your Child with Special Needs
The Will can be used to designate any distribution from the estate for the benefit of a special needs child to be put in a Supplemental Needs Trust. Not only will executing a Will go a long way in preventing government involvement with estate distribution, it can assure that assets will be provided to your child with special needs in a way that will not affect his or her qualification for public assistance. The key is to make sure that you do not leave money directly in the child’s name. The distribution should instead be made to the Trustee of the child’s Supplemental Needs Trust. Along the same lines, be sure that the portion of your life insurance proceeds to be paid out for your child with special needs is held in the trust, as well. Remember, you should consult with an Elder Law attorney to discuss the best way for your Will to be drafted according to your unique situation.