(This is the third article in our multi-part estate planning series.)
If you have a child with special needs, there are countless issues you must consider as you plan for their future care and well-being. You are their primary guardian today – but what happens if you are suddenly incapacitated or otherwise unable to continue in your caregiving role? Of course, you want your child to be cared for according to your wishes.
Now, we understand this is very personal information. You may feel you want to “keep it in the family” and not involve an outsider in your personal business.
(This article is part two of a multi-part series: Estate Plan Development for Parents of Children with Special Needs)
The basic premise of this article holds true regardless of whether you have a child with special needs or the simplest of circumstances. Planning is the key to estate planning – it’s even in the name!
There are so many parts of the puzzle when it comes to making sure that your wishes are carried out in the event of a life-altering crisis. It’s especially critical when the plans you make today will considerably impact the future of your child with special needs.
It’s never too late to plan for the future when you have a child with disabilities. While it’s easy to feel that the future is far away and there will always be enough time to plan, we all know that life offers no guarantees.
In fact, when it comes to making sure your child with special needs is guaranteed care, if and when you are unable to provide care, a good strategy is to prepare an estate plan — now.
Planning an Estate Plan early offers important benefits. Since prior property planning saves on costly mistakes, you can save money. Also, your...
Written by Sussan, Greenwald & Wesler
Choosing a guardian to name in your Will
When handing your will and estate planning, one of the most important decisions you’ll have to make is who will take care of your children if you become incapacitated or in the event of your death.
“If you don't name a legal guardian in your will, the court will choose who will care for your children,” says Alex Hilsen, Esq., LL.M., head of SGW’s Estate Planning Division. “And you can’t assume that they will automatically grant custody to aunts, uncles, or grandparents.”
When drawing up your will, be sure that...