Estate Planning & Special Needs: What You Need to Know

When you have a child with special needs, they are likely to develop at a different pace than their peers. As a result, they may experience health problems, or require extra care.

Special needs can be physical disabilities such as deafness or blindness, learning disabilities such as dyslexia, autism spectrum disorder (ASD), attention deficit hyperactivity disorder (ADHD) and cerebral palsy, or mental health disorders like bipolar disorder.

These types of needs will impact the day-to-day lives of parents. Planning for this situation can help ensure that the child lives in a safe environment. Here are some estate planning tips for families with special needs children. 

Why is Estate Planning Important?

Preparing Your Estate for Special Needs

One of the most important things you can do to ensure that your child with special needs is able to enjoy a safe environment and comfortable living is to plan ahead for them.

This is not something you need to do when you're healthy and young, but it's recommended that you start thinking about this in your late twenties or early thirties. You will want to make sure that if anything were to happen, your child would be provided for and comfortable.

There are some common questions people ask themselves when they think about estate planning:

• What type of disability does my child have?

•  Will my child ever live independently?

• Who will care for my child after I am gone?

Creating a Trust or Will

A trust or will are both ways to plan for the future of your special needs child. A trust is a legal document that allows you to create a separate fund for your child's financial needs.

The trustee is the person who controls the fund and determines when money should be distributed to the beneficiary. Wills are documents that allow you to distribute property in accordance with your wishes after your death.

Health Care Issues

The best way to plan for the future is to know what your child's needs will be. The first step is to identify medical and other health care needs that your child may require. Depending on the type of special need, you may need to consider the financial cost and the required medical equipment and medications.

This can range from a few thousand dollars a year for medication and occasional doctor visits, to tens of thousands of dollars per year if they require daily care or complex medical treatments.

If you have health insurance through an employer, you may want to contact those organizations as soon as possible so they can make sure all of your child's needs are covered. If you do not have access to these benefits, then it is important that you plan ahead for how your child will pay for their healthcare needs in the future.

Educational Concerns

Some children with special needs will require extra support, time, or attention in order to learn. These kids may need the use of technology to help them learn. Technology includes computers, tablets, apps, and other devices.

If you are concerned about your child's education after your death, make sure there is a clause in their trust stating that they will always have access to technology without having to pay for it.

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