Nancy and Geoff Thompson: Wills, Trusts & More for Special-Needs Children

Outlining for the what’s to come when the guardian is no longer around to make choices is an important factor of the special-needs moms and dads’ duty; there are contractual, financial, and medical elements to keep in mind throughout the initial preparation procedure. In this post, we’ll rummage through the legal planning portion in more information, particularly about wills and legal guardians for the children when the parents are not alive.


Recently, we discussed the preliminary planning phases for caretakers of special needs individuals.


Legal Preparation for a Kid with Unique Needs


Throughout the planning process to safeguard the monetary assistance and safety of special-needs kids after their parents are not there to make decisions, legal concerns form some of the most fundamental parts. In legal preparation, there are 4 significant legal issues to consider. These are:


Unique Needs Trusts– this is a special kind of legal arrangement where possessions set aside to care for special-needs kids are in a trust. A trust is a legal entity, practically like a corporation, that gets and manages the monetary possessions on behalf of a person. Trusts offer crucial defenses that wills or other final-wishes arrangements simply can not offer.


Guardians– guardians are those designated by special-needs child’s parents to make choices on behalf of the parents if they must pass away. Guardians are in some cases described as conservators. A guardian is not necessarily a recipient or trustee of monetary possessions, although some guardians can be selected to both functions.


Letters of Intent– this is a crucial companion document to a will or an unique needs trust. The letter of intent, often described as a letter of guideline, offers standards for trustees or beneficiaries. In other words, it define the dreams of the departed, and in this case, supplies a plan for looking after the special-needs child or kids.


Wills– a will is a legal document that states how an individual wants his or her assets dispersed after death. A will is prepared by a lawyer and after the person passes away, it goes through a lengthy process called probate. Once the probate court has actually completed its examination of the file and its directions, assets can be granted to beneficiaries.


Special requirements trusts and letters of intent induce important legal roles, as they safeguard the guardians’ ability to make essential choices, even after they have passed away.


It is these last two detriments that are of main issue, as it is possible that when special-needs kids maturate, the parents might lose some or all authority to make decisions on their behalf.

Read more about Geoff and Nancy Thompson.

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