So, you have a special needs child and you aren't going to live forever, what now?
You spend a lot of time, effort, resources, and love caring for your special needs child. For many families, that child will likely outlive his or her parents. It's time to focus all that caring into making the right plan for them.
Here are a few things to consider when creating a supplemental needs trust for your loved one:
1. Choose the right trustee. Consider choosing someone that is financially responsible and would be accountable for the use of the money you leave behind. Choose someone who would spend money the way you would for your child. We also recommend back-ups in case something happens to the acting trustee.
2. Decide how much flexibility the trustee should have. If you know you want the trustee to provide certain things for your child or there are certain life events you want handled a certain way, the supplemental needs trust you create can specify that information. Generally though, it is best to give the trustee flexibility for the unexpected events in life.
3. The trustee of the special needs trust doesn't have to be the guardian. The person who is best with money may not be the best person to be the guardian of your special needs child after you're gone. Consider having different people in the role they are best suited for.
If you'd like to know more about special needs trusts or what else you can or should do for your special needs child, please contact LawyerLisa for a consultation at 803-563-5163. We'd love to help simplify the process for you and your loved ones.