Options For Providing For A Special Needs Child In Your Will
Writing an estate plan with the help of a legal professional that will leave your assets to your adult children can be fairly straightforward, but when there are different health issues within your family, things quickly become more complicated. One such issue that presents some challenges is when you have a special needs child. Even if he or she is an adult, there's a chance that this child cannot take care of himself or herself. It's possible that you've been caring for the child for his or her entire life, and as you think forward to a time that you're no longer around, you want to ensure that your child is provided for. Here are some options to consider.
Give Money To One Child
If one of your children is responsible and dedicated to his or her special needs sibling, you might want to give a share of your money to this child with the understanding that he or she would use these funds to continue the care of the child. For example, if you have three children, you might plan to divide your estate into three. In this scenario, giving two-thirds of your estate to the child who will care for his or her special needs sibling can make sense.
Set Up An Account
It's possible that neither of your other children have the ability to care for your special needs child. In this scenario, you may want to arrange to have your special needs son or daughter live in a care facility. This will give you the peace of mind of knowing that he or she won't struggle to have his or her daily needs met. Of course, such care comes at a price, so setting up an account that will pay for your special needs child's care is a good idea. Of course, you'll need to grant one of your other children access to this account with the trust that he or she will use the money as per your wishes.
Divide The Money Among The Other Children
The manner in which you proceed depends on a number of things, including the relationships that you've had with your other children, as well as how close they are to their special needs sibling. Another option would be to simply split your estate evenly among your children, but have them agree to equally share any future expenses that relate to your special needs child.
For more information, contact a law office like Abom & Kutulakis LLP.