Your child’s “life-long care plan”

Every parent should have a Life-long care plan for their special needs child. This should consider the needs of that child at various life-stages and in various scenarios. Their financial plan should reflect their care plan so that they can afford to meet the costs of care at each stage.

The high level of uncertainty that most parents face often results in a complete lack of planning. And the lack of planning causes an on-going sense of unease about the future. Creating a basic framework of a plan gives a sense of direction and enables appropriate financial planning.

The care plan asks the question: “What needs must be provided for at this life-stage?” The financial plan asks the questions: “How do I provide funds to meet the cost of this need?”

We like to suggest that your planning is recorded in three separate documents that together form the greater plan, these are:

• Your Will: A legally binding document that ensures your assets are transferred according to your wishes and covers important issues like guardianship of your child.
• A Special Trust: This is a structure that ensures that the funds you have provided are managed properly and used in the way you intended.
• A Care-Journal: This is an unofficial document that explains to your chosen guardians and trustees the nitty-gritty of your plan and provides detailed information on the specific needs of your child and how to care for that child most effectively. It may include information about the child’s likes and dislikes, their social needs, how best to address certain behaviours. This helps a great deal with transition in the event that a guardian must take over care of your child.

If you should consult with us, we would start by understanding your unique situation and your child’s needs in all areas presently as well as over time. With that as background, we’ll look at your financial situation and develop a proposal that will help you make financial provision for your child during your lifetime and when you die. That plan will include a Will, Special Trust (either set up now or as part of your will) and a template to help you prepare the care-journal.

We will prepare complete financial needs analysis in the process of working on your plan because your child’s life-long care plan forms part of your overall personal financial planning and cannot be done in isolation. We ask you to provide full details of your financial situation in the process of working on your plan.

Our experience with special needs helps us provide meaningful, relevant advice and solutions that address the unique problems of the South African legal and financial environment.