Children are priceless bundles of joy and the thought of a child going through life in a vulnerable state is a particularly heartbreaking one. Children with special needs especially conjure an additional level of concern for parents.
The good news is that you can plan to avoid most challenges that have to do with the well-being of your children with an Estate Planning. If you have a child with disability, Estate Planning becomes even more critical.
Peter*, one of the listeners of our Legacy Series radio show, shared a story that illustrates how much parents worry about their children with special needs:
“Peter and his wife were blessed with three children. Two sons and a beautiful daughter. Shortly after birth, the couple discovered that their daughter, Helen*, had a hearing impairment. Until the passing of his wife, the couple dutifully devoted their time and resources to taking care of Helen. In their bid to try and help her get better, Helen was administered a treatment which she reacted badly to. This treatment paralysed her.
After Peter’s wife passed, he started struggling. His saving grace was a devoted nanny who has been loyal to his family for 8 years. Peter’s greatest fear now is what would happen to Helen if anything happened to him.”
This kind of situation is not uncommon among Nigerian families. As much as we want to, we won’t always be present to address the needs of the ones we love. This is why it is necessary for parents, to allocate adequate resources for any situation that arises.
As a parent, the first thing you should do is to consult an Estate Planning professional and set up a comprehensive Estate Plan which accounts for all your assets and covers all your beneficiaries.
The challenge of having a child with special needs can be overwhelming without adequate planning. An Estate Plan allows you to put a structure in place around your wealth that will make certain your child is catered for.
One major advantage of Estate Planning is that you have a plan that addresses your every need and the needs of your loved ones. In the case of Peter, a Dependent Trust is the perfect recommendation.
A Dependent Trust allows you to clearly lay down guidelines on how the financial and health support of your children should be approached. With a Dependent Trust, you can also appoint a guardian for your children (i.e., someone who will champion the welfare of your children in your absence).
We always recommend the appointment of a minimum of two guardians for your children.
In the case where you are not entirely satisfied with the people you have entrust the guardianship of your children to, you can always appoint an institution like FBN Trustees as a supervisory guardian to ensure that your instructions are followed.
Also, know that your trust is only as good as its assets. A trust without funding doesn’t give any real security. Make sure to take the next step and make sure there is money in the trust.
The reality is that we cannot predict the future, but we can plan for it. You should do everything you possibly can to ensure that your children are not left stranded in situations that could have easily been avoided early on.
At FBN Trustees, we exist to help you manage your wealth and subsequently transfer it to your loved ones according to your instructions without incident.
As a member of the reputed FBN Holdings Group, we are a team of experts who have in-depth industry knowledge, local awareness and relevant experience, having helped individuals and families develop wealth transfer plans over several decades.
Do not leave anything to chance, set up a Dependent Trust today. Contact us to get started.
*Real names have not been used in this post to protect the identity of customers.