For many parents, Santa Monica Estate Planning is a cause for distress. Many do not know where to start; therefore, they simply make no plans for the future of their special needs children. However, should the parents pass away before these children do or are unable to care for their children, they will need a plan in place to ensure that their assets are used according to their specifications and that their special needs children are cared for appropriately. Because Santa Monica Estate Planning can be difficult and lengthy, it is best to choose a special needs attorney who will be able to walk families through the entire process and make changes to the estate through the years according to parents’ wishes.
Long Term Benefits with Estate Planning in Santa Monica
Santa Monica Estate Planning includes many parts to ensure that all financial, medical and physical aspects are covered. While estate planning is important for any family, it is particularly important for families with special needs children because they may be unable to care for themselves in adulthood. The children may need financial trusts set up for them to ensure that assets are preserved. They may also need conservators who will help them manage their money and pay bills. This may be a close friend or relative who was chosen by the family, or it may be a third party chosen by the court system.
Professional Legal Representation for Santa Monica Estate Planning
Some parents assume that if they leave all of their money to their special needs children that the child will be well-cared for long into adulthood. However, this is not always the case as many variables must be considered. For example, most special needs children receive government benefits, such as social security. If they are left with a large financial windfall, they may be unable to continue to collect their free government benefits, which could leave them worse off financially than they were prior to this.