As a parent, it’s natural to worry about the future of your child, especially if they have special needs. While estate planning may not be the first thing that comes to mind when thinking about your child’s well-being, it is an essential step to ensure that your child will be taken care of in the future. Estate planning for parents of children with special needs requires careful consideration of several factors to ensure that your child receives the support they need throughout their lifetime.

In this blog post, we’ll discuss estate planning tips for parents of children with special needs in Canada, with a focus on Toronto and Ontario.

Create a Will

A will is a legal document that outlines your wishes for how your assets will be distributed after you pass away. If you have a child with special needs, it’s important to create a will that outlines how your child will be taken care of after your death. You can name a guardian who will take care of your child, specify how your assets will be distributed, and set up a trust to ensure that your child receives financial support.

Set Up a Trust

Setting up a trust is an essential step in estate planning for parents of children with special needs. A trust is a legal entity that holds and manages assets for the benefit of a beneficiary. You can set up a trust to provide financial support for your child throughout their lifetime. It’s important to work with an experienced estate planning attorney to set up a trust that meets your child’s unique needs.

Choose a Trustee

Choosing a trustee is an important decision when setting up a trust for your child. A trustee is responsible for managing the trust and ensuring that the funds are used for your child’s benefit. It’s important to choose someone you trust and who has experience managing a trust. You can also consider naming a co-trustee to provide additional oversight.

Consider Government Benefits

Government benefits such as the Ontario Disability Support Program (ODSP) and the Registered Disability Savings Plan (RDSP) can provide financial support for your child with special needs. When creating an estate plan, it’s important to consider how these benefits may be affected by the assets you leave behind. An experienced estate planning attorney can help you navigate these complex issues.

Update Your Plan Regularly

As your child grows and their needs change, it’s important to update your estate plan regularly. This includes reviewing and updating your will, trust, and any other documents as needed. It’s also important to communicate any changes to your family members, caregivers, and other important individuals.

Conclusion

Estate planning for parents of children with special needs requires careful consideration of several factors, including setting up a trust, choosing a trustee, and considering government benefits. Working with an experienced estate planning attorney can help ensure that your child receives the support they need throughout their lifetime. Remember to review and update your plan regularly to ensure that it continues to meet your child’s unique needs. By taking these steps, you can have peace of mind knowing that your child will be taken care of in the future.