August signifies National Make-a-Will Month. For the one in five families who care for children with special needs, having a will as part of their estate plan is crucial.
Parents of a child with special needs face numerous challenges and concerns. They wonder what will happen to their children if they can no longer provide their care and support. A survey revealed that 69 percent of special needs families expressed fear about providing lifetime assistance to their dependents with special needs, and
Making a will and other important estate planning documents are among the steps you can take to help alleviate these concerns. A well-drafted estate plan can help ensure that your loved one with special needs has financial protection and continued support.
Barriers to Estate Planning
Creating a will is an integral part of planning for the future. Yet two out of three Americans have no will or estate planning document, according to Caring.com’s 2023 Wills and Estate Planning Survey.
Some respondents to this survey reported that they do not have enough assets to leave behind. Others cited procrastination as the reason for avoiding estate planning. Still others expressed confusion about how to make a will.
An experienced estate planning attorney can guide you through the essentials of preparing a will that protects your loved ones.
Don’t Delay Making a Will
Forty-one percent of survey participants indicated that they would delay making a will until they experienced a health diagnosis or concern. However, you may be putting your loved one with special needs at great risk if you delay making a will.
Avoid waiting until your health, or the health of your loved one with special needs, worsens. Having a will and estate plan in place ahead of time can make navigating health challenges easier. If you prepare for the future, you won’t have to rush to make arrangements or risk passing away without a will.
Without a will, it’s possible that the inheritance you leave could be mismanaged or even cause your loved one with special needs to lose access to government benefits.
Special Needs Trust
While a will is a basic estate planning document that can help you provide for your loved one with special needs after you pass, a trust can also protect their assets. Making a special needs trust includes appointing a responsible individual to act as the trustee. This trust is also sometimes referred to as a supplemental needs trust.
The trust can pay for things public benefits do not cover, such as recreation and education. At the same time, a trust preserves your loved one’s ability to qualify for public benefits. Setting up a special needs trust can also ensure that they receive continued support during their lifetime.
Contact An Attorney
Make-a-Will Month is an important reminder to take steps toward securing your loved ones’ future. Work with an estate planning professional to create a plan that protects your loved ones with disabilities into the future.
In addition to helping you create a will, the estate planning attorneys at Kurre Schneps LLP can assist you with making a comprehensive estate plan including setting up a special needs trust for your loved one. Contact us today.
