Special needs families face unique challenges when it comes to estate planning, especially when their child receives needs-based public benefits like NDIS.
The Goal
Whether the special needs child is a minor or an adult, the ultimate goal of estate planning is to ensure that the child’s quality of life is enhanced, without jeopardizing their eligibility for essential public benefits programs.
Understanding your worries
As parents of children with special needs, Perth Probate has made it our mission to help families in similar circumstances ensure that their children are taken care of and protected the best way possible, both now and into the future.
When crafting an estate plan for a special needs child receiving needs-based public benefits, families have several options to consider:
This is often the preferred option as it allows the child to maintain benefit eligibility while still benefiting from the assets held in the trust. A well-drafted Special Needs Trust ensures that the trustee manages the assets for the child’s benefit without compromising their eligibility for public assistance programs. There are 3 main types of Special Needs Trusts, being:
While convenient, this method has inherent risks such as misuse of funds or external financial pressures.
This approach can jeopardize the child’s benefit eligibility, especially with means-tested programs like NDIS.
Although the simplest option, this does not fulfil the goal of enriching the special needs child’s life.
Each of these trusts have their own quirks and features, with the choice being very much dependant on the functioning level of the child, the family dynamics, quantum of assets, availability of funding through NDIS and last but not least, having the right person in your child’s corner after your death.
Selecting the right trustee is crucial for the long-term success of the Special Needs Trust. While family members may seem like natural choices, an independent trustee can help avoid conflicts of interest and ensure the child’s continued benefit eligibility.
Potential trustees can include family members, attorneys, financial institutions, non-profit organizations with special needs experience, or a combination of co-trustees.
Quite often, parents will choose a professional trustee as they are subject to a professional governing body who oversee their conduct and the trusts are audited each and every year.
As a parent of a child with autism, these challenges hit very close to home, leading our firm to research and develop a specialised Estate Plan service design specifically for special needs families.
The benefits of our specialised Estate Plans includes:
We also offer trustee services to our clients where required.
Estate planning becomes a critical procedure for parents of children with special needs due to the challenge of ensuring care for their child after they are gone. Our specialists, drawing from firsthand experience, delve into the specific challenges encountered by parents in this situation.
Perth Probate is a service of the law firm Compo Lawyers WA. Perth Probate helps people solve their legal issues.
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