Planning Ahead - Florida Developmental Disabilities Council

CHAPTER NINEMaking an Estate PlanAn estate plan is important for everyone who is preparing for the future of a person witha developmental disability. It should consist of three components:• a will with letter of intent,• a special needs trust, and• personal financial planning.Everyone understands that estate plans are critical for those who are affluent, but often do notrealize that they are equally important for less affluent persons. There are important things toconsider even if you believe you have very little to put in a trust, or leave in a will.WILLSWills can range from very simple to very complex documents. They state your wishes for disposingof your assets after your death and are important, even if you think you do not havemany assets to leave. Wills make it much easier for your descendents to handle your affairsafter your death.You should have an attorney prepare your will. After your death, the person you have named tobe your personal representative (executor or executrix) must determine the exact value of yourassets, notify your beneficiaries and creditors, and keep account of all transactions. When allprobate requirements have been met, your estate is then distributed to those you have namedin your will or to your trust.Things that you have already designated as belonging to others would not be included in yourwill. This includes such things as joint bank accounts (with the name on the joint account thenowning the account if the account states right of survivorship), life insurance, retirement benefits,annuities or trusts where you have described how assets must be used or passed on.If you die without a will and leave assets, the decision as to division is set by law. For example,if you are married, have children, and die without a will, your probate estate will be divided betweenyour spouse and your children. This may not be the way you would wish things to be, soit is best to plan ahead and have a will.Chapter 9, Making an Estate Plan43