Estate planning is an important aspect of a family plan for any parent. However, for tax and nontax reasons, estate planning takes on even greater significance for the parent of a child with special needs.
Wills
A will allows an individual to select beneficiaries, establish the times at which beneficiaries receive the assets and choose the fiduciaries who administer the estate and any trusts created under the will. In the absence of a designated guardian under a will, the court must determine who will be guardian of the person and property of a minor child (i.e., who will raise the child). This is a decision that any parent, but especially the parent of a child with special needs, must carefully consider. Further, a will is important to ensure that assets are not placed in a child’s hands before the child is responsible enough to invest and use the assets prudently.
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