Having a child with special needs in Florida presents you with some unique challenges when it comes time to plan your estate. Ensuring that your child continues to receive the care he or she needs may encourage you to begin planning right away.
While there are different ways to approach estate planning for a disabled child, your understanding of your options may allow you to make the most applicable and beneficial decision for your situation.
Implementing a trust
Forbes describes the function of a trust as a description of the legal relationship between three parties: your child, the administrator you choose and yourself. Your child will benefit from receiving the contents of the trust over a specified time. Your responsibility is to clarify which methods will contribute to sustaining the trust and how maintenance of necessary funds will continue after your death. The person you designate to administer the trust undertakes the responsibility of distributing its contents according to your instructions.
A special needs trust specifically addresses the unique and ongoing needs of your disabled child. Your knowledge that an operable trust is in place may provide you with reassurance and comfort in regards to the well-being of your child after your death.
Finalizing the details of a trust
There are multiple ways you could fund your child’s special needs trust, as well as various ways to operate the trust. A careful look at your lifestyle, the circumstances surrounding your need for a trust, your child’s medical and personal care needs, and your personal desires for your child’s care may all contribute to helping you make the most applicable decision. If you would like to learn more about planning an estate when you have a special needs child, please visit our webpage.