With only a few days left in the month of March, the National Developmental Disabilities Month will be coming to an end. This month may have helped many individuals become more aware of information and issues individuals with developmental disabilities may face. Additionally, parents who have children with such disabilities may have used this time to seriously consider the future care of their children. As a result, some Michigan residents may have started looking into their estate planning options.
Creating an estate plan could act as a safeguard for individuals with disabilities. Parents can utilize various options to ensure their children's care and well-being in the event that the parents are no longer able to care for them. Wills are a staple of any estate plan, and this document could prove useful when it comes to naming guardians for special needs children.
Additionally, in order to ensure that funds are available for needed care, parents may wish to consider setting up a special needs trust and appointing a trustee. This type of trust could allow interested individuals to create an account that allows the child to have needed money without putting any government benefits at risk. The trustee is the individual in charge of the trust who has access to the funds and determines their uses.
Most parents worry about how their children will get along when the parents are no longer around, and because children with disabilities often need additional care, some parents' worries may be greater than others. However, with the proper steps, Michigan residents could help ensure that their children have the means to receive the care they need. Speaking with experienced estate planning attorneys could allow interested parties to learn more about their options.
Source: hamlethub.com, "Providing a Secure Future for a Child with Special Needs", Alisa Gaudiosi, March 14, 2017