Dealing with special situations

If the person who is no more was part of a family with special needs children, a few additional things may need to be kept in mind. If the deceased was the legal guardian for a special needs child, the legal guardianship must be reviewed. The next legal guardian is also generally indicated when completing the legal guardianship form to continue taking financial decisions, says Jitendra P.S. Solanki, Founder, JS Financial Advisors.

The next legal guardian’s name should be mentioned in the Will. If it is not, an application needs to be filed with the court for appointing a new legal guardian.

If a Trust was set up, the Will should mention the asset distribution and the executor of the Will must ensure that the transfer of assets to the Trust is completed. And if the deceased was one of the Trustees, a new trustee should be appointed.

Jitendra says that if the deceased was a care-giver, the child will need time to adjust to the situation. Hence, besides financial matters, there will also be a lot of logistical and emotional hand-holding needed for the child. It is therefore important to ensure that the Will, Trust and all documents are well-maintained and passed on to reliable hands.

Read the rest of this article by Signing up for Portfolio.It's completely free!

What You'll Get





MORE FROM BUSINESSLINE


 Getting recommendations just for you...
This article is closed for comments.
Please Email the Editor