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When Should You Consider Changing Your Special Needs Plan’s Key Players?

You have completed and executed your plan for your special needs child.  Everyone you’ve selected to serve—your guardian, your trustee, your health care proxy, your executor, and possibly a trust protector as well—has signed the paperwork.  All set?

For now, yes.  But it’s a good idea to review these selections on a regular basis, because change is inevitable as time goes on. Your life will change, as will the lives of the people you have designated to serve in your plan. Here are three questions to ask yourself in regards to changing these important players:

1. Review

How often should I review my decisions? At least once a year, as a general rule. Some planners send their clients a letter or email on the signing anniversary listing their choices for beneficiary, trustee, guardian, and any other officers, prompting them to review the plan. Even if your planner doesn’t do this, you should make a note to check in with your decisions at the same time every year.

2. Replace

When should I consider replacing any of my agents? Any time there has been a big life change that could affect his ability to serve in the role. Examples include unexpected events such as a health care crisis, an unexpected death, or a job loss, as well as other transitions like divorce, relocation, or remarriage. Imagine your choice for guardian has just given birth to twins. How well can she care for your special needs child in these new circumstances?

3. Re-Establish

Another consideration is age. The friends or relatives from your parents’ generation who stepped forward when you first made your plan as a young family may no longer be up to the task. You always want to be confident that your guardian or trustee is able and competent to take on the additional work of caring for your special needs child.

Contact us and we can assist you with updating your special needs plan. Book now.

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