When you first learned that your child had special needs, you may have wondered how to do your best to provide care throughout his or her life. As your child grew and you learned more about his or her disability, you may have found yourself quickly falling into a routine that allowed you to meet his or her specific needs. Now that your child has gotten older -- and you as well -- you may wonder how his or her needs will be met in the event of your passing.
One of the beautiful things about estate planning is the range of options for achieving specific goals. Whether you have a modest estate or a multitude of complex assets, there are estate planning tools to help ensure that your needs are met in later years and that your assets are protected for future generations.
If protecting assets for future generations is one of your primary goals in life, you may fear that some of your wealth will diminish or your estate will come under unnecessary scrutiny if it must go through the probate process. Because a last will and testament goes into the public record, your personal business could become known by any individual wishing to gain access to it. That is one reason you may want to consider alternative estate planning options.
If your goal is to ensure your own comfort later in life while preserving wealth for future generations, a trust may be an effective tool in your estate plan.
Buying a home is likely the largest purchase you will make in your lifetime. Protecting your hard-earned, most valuable asset and minimizing the risk of property being legally seized is something every homeowner should think about. Should you die, a trust will help pass on your estate to your chosen beneficiaries without losing anything in probate court.