Estate planning in Athens is not an easy task, especially if you have children with special needs. You need to make arrangements to ensure their medical, educational and overall needs are met while you are alive. You should also include provisions to maintain their standard of living after you are pass away.
It is essential for you to create an estate plan that establishes long-term financial protections for your unique dependents. Before finalizing your plans, consider the following special considerations.
In order to create an effective contingency plan for your assets and loved ones, you must have your personal and financial affairs in order. Gather all pertinent information and store it somewhere secure and easily accessible for future reference.
Create a plan
When planning for your estate and special needs children, you should consider every possible contingency. Write out a letter of intent. Your plans should include instructions for every possible situation that could interfere with your health, livelihood and your children’s needs in the event of your death. Make sure the friends and loved ones you select to step up and care for your kids are trustworthy, responsible, willing and able to take on the additional responsibilities.
Establish a special needs trust
You may not have any qualms about leaving your children’s guardian a hefty sum to support your children and their unique needs. While they may be trustworthy, you have no way to prevent those funds from being misappropriated. Also, you want to protect their eligibility for government benefits. Creating a special needs trust enables you to provide for your children well into adulthood or for the rest of their lives without compromising their standard of living and overall well-being.
To protect the legacy you are leaving behind for your loved ones, have your attorney review your estate plans for accuracy, enforceability, and potential disagreements and issues that could result in probate litigation.