Securing Your Child’s Well-Being: Addressing Mental Health in Estate Plans

Estate planning is about more than dividing assets or deciding who gets the family home—it’s about protecting and providing for your loved ones in ways that truly meet their needs. If you have children with mental health challenges, thoughtful estate planning becomes even more important. It’s an opportunity to ensure they receive the care and support they need, both now and in the future.

Understanding the Challenges

When mental health is a factor, standard estate planning approaches may not fully address your child’s unique situation. For example, an outright inheritance might unintentionally jeopardize access to government benefits, or it could place an overwhelming burden on a child struggling to manage their own care.

Additionally, the emotional complexities of mental health mean that your plan should not only be practical but also compassionate. Providing for your child’s well-being involves considering their medical, emotional, and financial needs holistically.

Key Considerations for Planning

Here are a few steps to take when addressing mental health in your estate plan:

Establish a Special Needs Trust (if applicable): A special needs trust can safeguard your child’s inheritance without disqualifying them from essential government programs like SSI or Medicaid. This trust ensures funds are used for supplemental care and needs.

Choose the Right Trustee: The trustee you select to manage a trust for your child is critical. Look for someone who is not only financially savvy but also empathetic and understanding of mental health issues.

Draft a Letter of Intent: This document provides detailed information about your child’s needs, preferences, and routines. While not legally binding, it’s invaluable for guiding caregivers and trustees.

Coordinate with Medical and Legal Experts: Work with professionals who understand how mental health conditions interact with financial and legal planning. This can help you craft a plan tailored to your child’s situation.

Review and Update Regularly: As your child’s needs and circumstances change, your estate plan should evolve to keep pace. Periodic reviews ensure your plan remains effective.

Communicate Clearly: Where appropriate, involve your child in the planning process to the extent they’re comfortable. You might also inform other family members about the plan to minimize misunderstandings later.

The Peace of Mind You Deserve

If you’re ready to take the next steps in planning for your child’s needs, the Estate Planning Law Office of Jonathon L. Petty, Inc. can help guide you through the process. Reach out today to schedule a consultation and start building a plan that works for your family. Call us at 559-374-2223 or fill out our online form, and we’ll get in touch to arrange an appointment at a time that is convenient for you.