Your estate plan is important if you are responsible for caring for someone with special needs. You want to know that their needs will be met even when you’re not around, and a well-formed special needs plan is an excellent way to do so in Maryland.
Your will and special needs trust
One of the first things you’ll want to do in your special needs planning process is writing a will, which may seem like an intimidating step. But when executed properly, this document specifies the person or people who will inherit your assets once you’ve passed away. Your will is also a crucial element when it comes to the division of your property, and you can use your will to designate a guardian for your children.
A helpful estate planning tool for the parents of children with special needs is a special needs trust. If you establish this type of trust, it forms a separate entity to benefit the person with the special needs plan.
Your special needs trust offers a way for anyone in your family or others to contribute money towards helping the person with special needs. This can be done while you’re still alive in the form of a gift or once you pass away when the child inherits the trust.
Make sure you choose the right trustee
You’ll also want to name a trustee you can count on. This person will manage the funds to benefit the person with special needs. If you name a trustee separate from the guardian, it can provide a form of check and balance to ensure that the best interests of the special needs individual are looked after.