Involving trustees, executors, financial professionals and family members in estate planning during your lifetime can significantly improve the chances that your estate plan will work the way you intend. This is even more crucial when planning for a special needs beneficiary.
There are more layers to planning for special needs beneficiaries: you need to ask not only, “How will my assets pass so that there is no loss of government benefits?” but also, “Who will take care of a special needs beneficiary when I’m gone?” Usually a parent or guardian is most familiar with the day-to-day routine, doctors, medication or treatment of a special needs beneficiary. But after you’re gone, there will need to be coordinated care of not only financial needs, but medical needs and the support you give on a daily basis. This can be especially concerning if a special needs child has become a young adult and you must find a legal guardian to replace you after you’re gone.
At Family Estate Planning Law Group, a key part of our process is the Family Care Meeting. We bring together our clients, trusted financial professionals, fiduciaries and anyone else who will need to execute your plan. We work with you to outline the plan and give them an idea of whose responsibilities are whose, how the estate plan should work and what protections it provides.
For anyone planning for a special needs beneficiary, there are additional layers of conversation. We encourage clients with special needs beneficiaries to use the Family Care Meeting as a place to discuss the ongoing care of the beneficiary with trusted friends and family. The meeting provides a place to discuss who will become legal guardian or co-guardians, what would happen if you were to become too ill to take care of the special needs beneficiary, and discuss medical, prescription, housing, education and vocation information. You can discuss who the important people and agencies are in the special needs beneficiary’s life and coordinate their ongoing care after your passing.
You want your special needs beneficiary to thrive after you’re gone. And having this conversation with friends and loved ones can ensure that everyone is on the same page and able to provide the same love and support you’ve provided even after you’re gone. To learn more about our Family Care Meeting, take a look at our blog post on the topic, explore the Special Needs section of our website and contact us to schedule a consultation today!