Families who are responsible for a child's special needs can benefit from the assistance of a special needs lawyer. With an awareness of the wide-ranging federal and state benefits, the ability to establish a special needs trust, and connections to reputable and skilled attorneys, families can manage their children's needs without worrying about costly legal fees. As more states are enacting policies that allow parents to designate caregivers, families are starting to learn that they have a right to take control over their situation and make informed decisions regarding their children's well being. Yet even with the new laws, many families are hesitant to retain a lawyer, thinking that they may end up paying more than they need to. This hesitation can be further compounded by the legal industry's opaque nature, which makes it difficult to find any professionals whom one can approach without fear of having their cases resolved according to their interests.
While there is no reason to fear the legal system, families should be aware of certain legal pitfalls in order to avoid them and as much as possible to avoid settling for less than what they deserve. One of these is the absence of a standard estate plan under current law. Estate planning is the process of ensuring that your future assets will be protected in the event of your death or disability. Without this type of protection, special needs families run the risk of squandering assets that were meant for their fulfillment after you pass on, causing them immense financial distress and pain.
An estate plan is critical because it helps guide your loved ones through the process of coping with your demise. But if no such plan exists, or if your current plan does not adequately address your special needs child's unique needs and circumstances, your family may be forced to undertake the process of planning their own estates, at great personal and financial cost. Unfortunately, many Special Needs Children are left to their own devices when it comes to their estates, leaving them with the possibility of squandering all of the assets that were meant to help them in their lifetime of need, leaving them without the financial security they so desperately require. Read this article on special needs lawyer for more info.
The first step in Special Needs Attorneys protecting their estates is to engage the services of an estate planning attorney who is familiar with the laws concerning the intestate estate and special needs trusts. Such an attorney will ensure that your wishes regarding how your assets will be distributed, including any special needs trusts, are properly documented and respected. Once a clear plan has been established, your special needs child's personal attorney will work with your personal representative, your estate planning agent, and your guardianship trustee to make sure that your wishes are executed properly. Special Needs Attorneys will not only work to establish the proper plan; they will also help administer it and monitor the estate in the event of your disability. If the will is not properly executed, or if the testator's mental capacity is not sufficiently developed, the court may decide that your special needs child will be provided for in some other way, such as through therapeutic services or an adopted home.
Another important step in protecting your special needs estate involves making sure your family members do not misuse the funds you leave behind. Estate planning lawyers can help you set up a trust that will provide for your benefit and allow family members to make required payments, but they will also ensure that such payments are made in a timely manner. When setting up such a trust, special needs attorneys will work to ensure that the beneficiaries receive a fair share of your assets, regardless of how much money is actually left within the estate. They will also fight to have any outstanding debts discharged or repaid. As well, if the court rules that a spouse is no longer able to care for the disabled child, special needs attorneys can petition for spousal support from the court, which can often reduce the overall amount of money you must pay each month.
If you decide to use an asset-protection strategy, however, your special needs attorneys will fight vigorously to protect the asset. Many state probate laws specify that a disabled person's personal property must be placed under a first-party trust, which is administered by a financial institution acting on behalf of the beneficiaries. First-party trusts do not have to provide the disabled person with any access to the money they may be entitled to, and there are no restrictions on the trustee's spending of the money. However, without the assistance of an attorney, some people may abuse asset protection by squandering funds meant for their benefit and by making false claims for their disability. To learn more about using asset protection strategies to protect your loved ones, contact a special needs lawyer today. Knowledge is power and so you would like to top up what you have learned in this article at: https://en.wikipedia.org/wiki/Lawyer.
