Legal Aspects of Estate Planning for Your Child
Your child will always be your child, however, a person’s age has different legal consequences in terms of financial planning and benefits.
From the DDPC publication–“Planning for the Future:”
Most people are familiar with the term “estate planning,” which refers generally to the arrangement of a family’s legal affairs to ensure the smooth and proper distribution of assets at death. Estate planning is often a multidisciplinary endeavor, and the estate plan will differ depending on the needs of the family and nature of the property that a family owns. Regardless of the extent of a family’s property, however, almost all estate plans will involve a will, and many will also involve the use of a Trust.
For persons with disabilities and their families, there is an additional concern. Estate plans for these families must ensure that distributions of property for family members with disabilities are properly managed if the family member with developmental disabilities lacks the ability to manage the property for him or herself. These estate plans must also ensure that property inherited by a family member with developmental disabilities does not disrupt eligibility for government benefits. The tool most commonly used for this purpose is the “Supplemental” or “Special” Needs Trust.