Parenthood is a journey filled with dreams and aspirations, and every parent’s ultimate wish is to provide a secure future for their children. For parents of children with special needs, this journey takes on a unique dimension, requiring careful consideration and planning.
In India, where approximately 2.21% of the population has special needs according to the 2011 Census, estate planning becomes even more critical. Parents of such children in India face distinct challenges and financial considerations. This journey can be emotionally and financially demanding, making proper estate planning a necessity.
Let us look at this case to understand what can go wrong in the absence of a comprehensive estate plan when tragedy strikes.
Raj was a devoted father to his 14-year-old son, Arjun, who had autism. He had always been Arjun’s primary caregiver, tirelessly working to ensure that Arjun received the necessary therapies, educational support, and medical attention. Raj’s love for Arjun was boundless, and he never hesitated to advocate for and provide for his son’s unique needs.
Raj unexpectedly passed away due to a sudden illness, leaving behind no Will or formal estate plan. This unforeseen loss not only left the family grief-stricken but also led to a series of complications regarding the future care and financial security of Arjun.
A comprehensive estate plan is the cornerstone of a child’s financial and emotional security. This plan should include Wills, trusts, and guardianship arrangements.
Zooming in on a Will- It empowers parents to provide clear, legally binding instructions regarding how their assets should be distributed for the benefit of their child with special needs. It ensures that their intentions are carried out precisely as envisioned, offering unmatched control over their legacy.
One of the most significant advantages of a Will is the ability to establish a Special Needs Trust. This trust is a financial fortress designed to protect the child’s eligibility for essential government benefits while allowing a parent to provide for their unique needs. It’s a powerful tool that ensures the child’s well-being without compromising their access to vital assistance programs.
Moreover, a Will allows one to designate a guardian for their child. This crucial decision ensures that someone trusted implicitly will provide the care and support the child needs when the parent is no longer able to do so.
Since Raj didn’t have a Will in place before his death, there was no clear indication of who would become Arjun’s legal guardian. Raj’s extended family, comprising aunts, uncles, and grandparents, all had varying levels of familiarity with Arjun’s needs and capabilities which resulted in confusion and disputes among family members regarding who should assume responsibility for Arjun.
Moreover, Arjun’s autism necessitated specialised care that came at a significant cost. However, without a Will specifying financial arrangements, there was no assurance that the necessary funds would be available for Arjun’s continued care.
Had Raj created a Will, all the legal complexities that the family had to navigate would have been avoided.
In the case of Raj and Arjun, we see how the absence of a comprehensive estate plan can cast a shadow of uncertainty and confusion during times of tragedy. A well-structured estate plan, including a carefully crafted Will, not only ensures the financial stability of your child but also provides the invaluable gift of certainty in uncertain times. With a Will, one can leave behind a clear roadmap for your child’s care.
Additionally, it is essential for parents to create a document for their child with a list of medical providers and medical history. This list should include the names and numbers for primary care providers and specialists, medications, allergies, and significant family history so that a legal guardian can get the required information to take quick actions in favour of your child.
By crafting a comprehensive estate plan that includes a well-structured Will, parents empower themselves to provide clear, legally binding instructions for the benefit of their child, offering unmatched control over their legacy. Through mechanisms like Special Needs Trusts and the appointment of trusted guardians, a Will becomes a saviour, safeguarding the emotional and financial security of their children even in their absence.
-The author is Founder and CEO, AasaanWill. Views expressed are personal.
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