Estate planning lawyer is a critical decision for your disability. Such individuals cannot live the way people without disabilities do and require specific attention throughout their lives. To ensure the financial security of vulnerable loved ones with disabilities, understanding the legal requirements is highly crucial. This guide will cover some important factors to consider before hiring an estate planning lawyer.
A Guide to Navigate Disability Estate Planning
If you are unfamiliar with the legal course of action in disability estate planning, the following considerations are vital to note.
Understand the Disability
The first step is to thoroughly understand the disability of your loved ones. Gain a thorough idea of their specific needs, abilities, and challenges. These factors can help you analyze the long-term needs of disabled loved ones so you can plan ahead of time. When evaluating different factors, remember to consider medical, educational, and daily living requirements.
These factors can help you evaluate the financial requirements of your loved ones with a disability. You can discuss them with your estate planning lawyer to come up with a thorough plan.
Create a Letter of Intent
A letter of intent is crucial in estate planning for your disabled loved ones. You may draft a comprehensive letter that outlines their preferences, daily routines, and any vital medical information. Documenting such details can help future caregivers understand the needs of disabled individuals.
Such information can also support the estate planning process in terms of allocating finances and facilities for your loved ones.
Establish a Special Needs Trust (SNT)
A Special Needs Trust (SNT) is a crucial tool in disability estate planning. It allows you to set aside funds for the future care and support of your loved ones without affecting their eligibility for government benefits like Medicaid or Supplemental Security Income (SSI).
By allocating funds for specific needs, you can look after your loved ones with disabilities even after your death. Getting help from an estate planning lawyer in this regard can help you take the necessary steps to establish a trust.
Choose a Trustee
A trustee is an individual or a party who manages the Special Needs Trust (SNT). They have the authority to manage the trust’s finances, look after the policies, and allocate funds to those nominated.
This means you should take your time when deciding on a trustee. The individual in question should be trustworthy and understand your preferences clearly.
Even the slightest negligence in this regard can disrupt the whole purpose of estate planning for your loved ones with a disability.
Review and Update the Plan
Estate planning is an ongoing process that may evolve based on your changing preferences over the years. You may regularly review and update your estate planning preferences to avoid making poor decisions.
Having a trusted group of people to discuss your wishes with can be beneficial in this regard. They can help you avoid poor decisions and be clear about your goals.
Seek Legal Advice From Our Estate Planning Lawyer
The above factors highlight the important steps to remember in disability estate planning. If you need expert assistance from an estate planning attorney, WestLoop Law can help. Please contact us today to discuss your case.
