How to Plan an Estate for a Terminally Ill Child
Estate planning is important for anyone who has assets. When a terminally ill child has assets under their name, parents or guardians need to include estate planning as a part of the legal activities they do on behalf of their child. Here’s how the process works for children with a terminal illness and why it’s important.
Set Up a Trust and Will
Minor children cannot directly inherit an estate. If you don’t already have one, set up a special needs trust for your terminally ill child. You’ll also need a will for distribution of personal assets of your child. A will may also include details about medical or healthcare power of attorney. If you’re not available to make those decisions at the time, this document will be used.
Choose an Executor for the Terminally Ill Child
The trust protects your child’s assets. If there are funds left in the trust after your child’s passing, the executor will be in charge of distributing them. It’s important to choose an executor you feel confident in and trust. If you don’t have a family member or friend who can do this for you, a business planning lawyer in Las Vegas may function as an executor of the will for a child with a terminal illness.
Include What the Child Wants
As early as possible in your child’s terminal illness, ask them what they want. While the subject is macabre, you might be surprised about how your child wants to be remembered or if they want anything special done in their memory. Your child’s estate planning process might include the details for a celebration of life event. A child with a terminal illness might have a friend in mind to take care of a treasured item.