A letter of intent is not a legally binding document; however, it may be the most valuable component of your estate plan as you prepare for the future well-being and maintenance and support of a future heir with special needs. The letter of intent is extremely detailed. Many of these letters end up being around 50-60 pages in length. The letter will outline the people, places and services that provide care now and in the future.
The information contained in this letter will guide future legal guardians, health care providers, trustees and financial advisors in decisions made for years to come. While each letter of intent is as unique as the child and situation, they all must be flexible yet provide clear, detailed instructions.
This letter of intent is only one component of the overall estate plan. Experienced estate planning attorneys will need to know that a future heir has special needs so that information can be incorporated throughout the plan. A special needs trust may need to be created. The letter of intent will refer to the special needs trust and elaborate on many of the provisions included in the trust.
The purpose of the letter of intent is to expound on those provisions in such great detail, that all members of the team will have the necessary information to continue the proper care of the disabled person as well as manage the property and financial issues. The letter of intent ties together the four main categories: legal, government benefits, family and support and financial matters. It defines each role needed and provides a helpful bridge for future service providers.
The letter will start by outlining the details of the disabled person’s daily life and needs. It also discusses family traditions, personal interests, hobbies and social needs. The estate plan will name a legal guardian, but the letter offers more information on how the guardian will take the necessary steps to provide for the person. The guardian is responsible for most decisions regarding medical care, education, living arrangements and vocational choices. There may be one general guardian or the role may be split into two – guardian of the person and guardian of the estate. The guardian of the person will make decisions regarding daily living and healthcare. The guardian of the estate will manage all of the property owned by the child or disabled adult.
It is important the letter of intent, last will and testament and any trust documents all complement one another. For assistance in creating an estate plan that includes a comprehensive letter of intent for a special needs child, please reach out to the experienced and compassionate attorneys at Stouffer Legal in the Greater Baltimore area. You can schedule an appointment by calling us at (443) 470-3599, emailing us at office@stoufferlegal.com, or register for an upcoming free webinar using the link below:
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