If you have a special needs child, you may have concerns about his or her future. Estate planning can help you put arrangements into place to care for your child after you die.
According to the American Bar Association, estate planning refers to the process of dictating how to transfer your property at death and it can also cover other personal matters, such as planning for a child with special needs. The following are some myths about estate planning for a child with special needs and why they are untrue.
It is too soon to start
It is never too early to start the estate planning process if you have a child with special needs. Doing so will allow you to connect with the right professionals and handle the process calmly.
Trusts are only for the wealthy
For many families, regardless of personal wealth, a special needs trust can be a beneficial option. One of these trusts may be a beneficial vehicle for ensuring your special needs child receives the assets required to maintain his or her care following your death.
The child’s siblings will step in and provide care
Some families decide to leave complete inheritances to one child, assuming that the child will take care of his or her special needs sibling. But this does not always happen and can leave the special needs sibling vulnerable later on.
Planning for the future if you have a special needs child is an evolving process. After you put together your special needs estate plan, review it regularly to make sure it always reflects the needs of your special needs child.