In our last post we talked about the importance of creating a future life plan for loved ones with disabilities.
Once you have established a framework and support network that will secure your loved one’s wellbeing, you need to make financial and legal provisions needed to support the implementation of the plan.
A great place to start is by creating a customised Will and Estate Plan.
Why do people with disabilities require special estate planning?
Whether special arrangements need to be made for your loved one depends on their abilities and resources available.
If the person with disability is able to, on the most part, manage their own money then the typical provisions made in a Will or estate plan may be sufficient.
Special arrangements are most relevant if the disability affects the person’s mental capacity (such as intellectual disability, brain injuries, mental illness or dementia).
It’s also not unusual for a parent or carer of a loved one with a disability to put measures in place to manage resources, even if the person with disability can look after their own affairs.
Of course every individual and family is different so it’s always best to seek professional advice to determine what, if any, special arrangements need to be made.
You should seek suitably qualified financial and legal professionals to assist you in making financial and legal provisions needed to support your plan.
You may also like to take a look at the Department of Social Services Planning for the Future for People with Disability Handbook.