To ensure the well-being of your special needs child after your passing, adhere to the following key steps:
Draft a comprehensive letter of intent: This document should detail all the preferences, routines, and needs of your child.
Nominate a guardian in your will: The chosen individual will take over your duties when you can no longer fulfill them.
Set up and fund a third-party special needs trust: This is a legal structure that holds and manages assets for the benefit of your child without jeopardizing their government benefits eligibility.
Detail living arrangements: Specify in your letter of intent where you anticipate your child to reside.
Appoint a competent trustee: This person should have the expertise to manage a special needs trust, which includes tasks such as paying rent supplemental to what the SSI provides.
Select the appropriate fiduciary figures: This can include a trustworthy relative or a professional, even if it costs the trust money.