Estate Planning for Your Special Needs Child: Here’s What You Should Know (Pt. 3)

February 5, 2015 Posted In Asset Protection,Estate Planning,Powers of Attorney,Trusts,Wills
by Colorado Estate Matters

Concluding our blog series Estate Planning for Your Special Needs Child: Here’s What You Should Know, below we will take a closer look at what estate planning documents you may want to put in place now if you do not already have them.

Estate Planning for Your Special Needs Child: What You May Need in Place Now

Here is the documents you may want to put in place ASAP when it comes to estate planning for your special needs child. Contact us for help and more info.

If you have a special needs child and are starting to consider your estate planning options now, the American Bar Association strongly recommends that you have the following estate planning documents prepared and put in place:

1. A last will and testament – This should outline how you want your estate to be dealt with after you pass away. It can also provide other provisions like, for instance, end-of-life directives.
2. A financial power of attorney – This can allow an agent (i.e., the person to whom you’ve granted the power of attorney) to oversee the financial needs of your special needs child (to whatever extent you empower them through this document) in the event that you become incapacitated and unable to do this yourself.
3. A medical power of attorney – This can allow a third-party to make important health care decisions on your behalf should you become unable to do so in the future. This can also authorize a third-party to make health care decisions on behalf of your special needs child (depending on your wishes).
4. A revocable living trust – This can empower a trustee to financially support your special needs child with the funds of the trust.
5. A special needs trust – This can be devised to cover various aspects of your special needs child’s future needs after you pass.

Estate Planning for Your Special Needs Child: Other Important Info to Know

• If your special needs child already owns certain assets or will be getting additional assets through some other settlement or inheritance, taking action to ensure that these assets don not impact your child’s eligibility for government benefits may be necessary.
• If your special needs child is already an adult, there may be some other estate planning issues to consider and plan for.
• Working with an experienced estate planning lawyer is the best way to ensure that you are adequately protecting your special needs child while providing for all of your loved ones in the future.

Contact your Denver Estate Planning Attorneys at Colorado Estate Matters, Ltd. to plan for a special needs child.

Do you need help with estate planning for your special needs child? If so, you can turn to the estate planning lawyers at Colorado Estate Matters, Ltd. We provide a thoughtful, comprehensive approach to our clients’ estate planning and other legal needs.  We take pride in helping each of our clients and their families find the best solutions for them.

Contact Us

We can discuss your estate planning needs and different options during our consultation. To schedule this meeting, call us at (303) 713-9147 or email us using the contact form at the top of this page.

From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village, Englewood, Centennial, Wheat Ridge, Golden and Arvada.