How to set up a will and futureproof your family

Advice

Posted 3 weeks ago by David McManus

If you’re looking to take care of your family before and after a tragedy, your will can provide some guaranteed support. [Source: iStock]

By creating a plan now, such as setting up a will and clearly documenting your wishes, you are taking an important step to ensure that your child is surrounded by love, care and security, even when you are no longer able to provide it yourself.

Thinking about a time when you might not be there for your child is one of the hardest things any parent can face. This situation can feel even heavier when your child has a disability and depends on you for care, advocacy or everyday support.

However, taking the steps to plan ahead now by setting up a will and writing down your wishes can give you real peace of mind. You will know that your child will be protected, supported and cared for in the way you desire, no matter what the future holds.

Here is a simple guide to help you get started.

Start with a will — and make sure it’s official

A will isn’t just about deciding who gets what after you’re gone. For families with children experiencing disability, it’s a powerful tool to:

appoint guardians;
set up trusts;
leave clear instructions about your child’s ongoing care and support.

When you’re setting up the will, you will want to consider the following:

who you’d want to be your child’s legal guardian;
how you’d like your assets divided, including anything set aside specifically for your child;
whether you want to set up a trust, like a Special Disability Trust;
who you want to be your executor and the person who’ll make sure your wishes are followed.

Tip
It’s really worth finding a lawyer who knows about disability or estate planning. They’ll help make sure your will is valid, up to date and reflects your family’s unique situation.

Think about setting up a Special Disability Trust (SDT)

A Special Disability Trust can be a fantastic way to provide for your child’s future needs without affecting their eligibility for government supports, like the Disability Support Pension.

An SDT can:

hold assets — up to a certain value;
pay for care and accommodation needs;
often offer tax and means-testing benefits;
be managed by a trusted person or group of people.

Consult with a financial planner or legal expert to determine if a trust like this could benefit your family. It may provide added security and reduce worries for everyone involved.

Write down your wishes for day-to-day care

Your will takes care of the legal and financial side. However, what about all the little things that make your child feel safe, loved and happy?

This is where a Letter of Wishes or a Care Plan comes in. It’s not a formal legal document, but it’s incredibly helpful for anyone who may be looking after your child one day.

Your Letter of Wishes or Care Plan may include the following:

your child’s medical needs, therapies and routines;
their favourite activities, foods, comforts — and any triggers to avoid;
key contacts like doctors, therapists and support workers;
cultural, religious or family values you want continued;
your hopes for their future — where they might live, study or work.

Choose guardians and trustees Carefully

Choosing the right people to be guardians (for care) and trustees (for managing money) is so important. These are big roles that need people you can really trust.

Below, you will find a series of questions that you should consider when thinking about appointing someone to these roles.

Do they understand your child’s needs and your family’s values?
Are they willing and emotionally ready to take on the responsibility?
Would they be able to navigate services like NDIS, healthcare and housing?
Would it make sense to split roles across a few people? For example, one for guardianship and one for financial management.

It’s wise to have backup options as well, just in case.

Keep your plan fresh

Life is constantly evolving and your child’s needs may change, your family circumstances might shift or new government policies could be introduced. That’s why it’s wise to review your will, trusts and care plans every few years or whenever there is a significant change.

Don’t be afraid to ask for help

You can also find great resources at the following websites.

Final thoughts

A parent’s love is irreplaceable. However, by creating a plan now, such as setting up a will and clearly documenting your wishes, you are taking an important step to ensure that your child is surrounded by love, care and security, even when you are no longer able to provide it yourself.

With a little planning and the right support, you can help your child live a safe, meaningful and fulfilling life, regardless of what the future may hold. ?

Have you made a will yet and when did you last update it? For more information, news and industry updates, please subscribe to the Talking Disability newsletter for the latest.