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Have you ever thought about how much your child will need when you are no longer around to provide for them? Scary thought.

An excellent way to figure this out is to make a list of all the yearly expenses that you currently pay for your child and what you wish for them to have in the future. This would give you an estimate of the main expenses that have to be paid by the Trust if you weren’t around. Start to add on the cost of home help (that is not provided by the HSE or free by a family member), transport and other hidden costs that would now have to be included.

As you do this exercise, you will realise that it is a very complex calculation.

The calculation also has lots of unknown expenses, and you can’t see the future needs of your child and what these services will cost in 20/30/40-years time.

The reason I am writing about this is to alleviate parents’ worries around future finances. Rather than stressing about how much funds you have in your child’s Trust when you pass away, I would prefer parents to focus on what is in their control. That is setting up a Special Needs Trust, putting in place a Trust Life Policy, choosing the right Guardians and Trustees and managing their finances sensibly. This should be your primary focus, increasing the size of your assets such as savings, pension while clearing loans and mortgages so your child can have a substantial inheritance.

The last part of the solution is to leave your child with additional needs a larger percentage of assets, and this includes the family home. Then you as a parent have done your utmost best to provide a well-funded trust for your child, and that is all anyone can do.

It will be then your Guardians and Trustees duties to give your child the quality of life you have dreamed and provided for.

For more advice on these areas, don’t hesitate to contact me as I am here to help you.