Posted on: 13 November 2014Share
If you have an adult child with special needs, your estate planning takes on a whole new meaning. In addition to determining what happens with your estate when you die, but you also have to plan for the care of your child. One major part of that is deciding whether or not to setup a guardianship for your child or exercise another option for his or her care.
A popular choice for parents of special needs children is to select a caretaker and name him or her the guardian. Guardianships have several advantages including ensuring your child has someone to care for him or her when you are gone. However, there are some negatives that might impact your decision to establish a guardianship.
A guardian with poor money handling skills could quickly run through your child's inheritance if you do not have safeguards in place. If you do choose a guardianship, it is important that you establish that the guardian's money spending is supervised by the court.
There is also the possibility that the guardian might be incapable of handling the responsibilities of caring for your child. Although the guardian's heart might be in the right place when he or she agrees to care for your child, the reality of doing so might be more than he or she can handle.
In this instance, it is important that you have a backup plan. You could name another guardian to take over in the event the first choice is unable to handle the responsibilities. You can also consider splitting the responsibilities between several people. For instance, you could have one responsible for medical appointments and day-to-day care while another person oversees money management.
Depending on your child's particular needs, he or she might be able to handle day-to-day living with nothing more than family guidance. If this is the case, you need to establish a network of people who can provide that guidance.
Another viable option is assisted living. Although this might not be your idea choice, your child might need to be placed in an assisted living facility after you die. If that is the case, you can start your search now for the perfect place. By taking on this responsibility now, you can be sure your child's needs will be met.
There are many other legal decisions that need to be made for your child. It is important that you act now and get help from a place like Burford Law Firm LLC to ensure your child is cared for when you are gone.