When you have children, they become your everything. You spend your whole life fighting to protect them and keep them safe.
But what happens once you pass away? How can you ensure that your children will be taken care of after you’re gone?
Our team of McHenry, IL estate planning lawyers at Diamond Estate Planning Law can help you set up a will or a trust to ensure your family has a plan in place for your children’s future. Read on to understand the top five reasons parents need to have a will or trust for their children.
1.) Making a difficult time less stressful
Losing a parent is difficult. When you die, your children’s lives will change completely. And without a clear direction in place to help them figure out what steps to take, your children and your loved ones may be left up to the discretion of the state of Illinois.
A will or trust eliminates that extra level of chaos- providing guidance and direction on what to do, how to do it, and why.
Diamond Estate Planning Law can walk you through the process, ensuring you have everything set up if the unthinkable were to happen.
2.) Selecting a guardian for your children
If you still have minor children and something were to happen to you, who would care for your kids?
You need to appoint someone you trust to take care of them, as well as a contingent if, for some reason, your first choice is unable to fulfill their obligations.
Guardianship is a huge undertaking that shouldn’t be agreed to lightly. You must discuss this with your desired guardian – and contingent guardian – beforehand so that they know what your wishes are.
Wills and trusts allow you to spell out the potential guardian(s) you have chosen for your children, as well as your wishes and desires for the children’s lives and futures.
Without an appointed guardian in place, the state will select one for you. That’s why it is essential to have Diamond Estate Planning Law help you establish your choice of guardian in your will or trust.
3.) Dividing your assets between your children
Your will or trust also details the division of your assets.
Without a will, the state of Illinois will divide your assets for you.
Diamond Estate Planning Law can help you determine, list, and allocate all of your assets in detail per your wishes within your estate planning documents. This way, your children receive everything you believe they should – without a lengthy court process or battle.
4.) Determining who will manage the assets you leave behind
You’ll need to choose someone to manage your estate after you’re gone. A will or a trust allows you to choose this person and give them instructions on how to conduct your affairs.
You can have a company manage your estate, a trusted family member, friend, or your children’s guardian. The choice is yours.
Our job at Diamond Estate Planning Law is to ensure you appoint this trusted individual or entity to manage your estate in a simple, streamlined process.
5.) Ensuring your money goes to your children (not just to Uncle Sam)
For estates worth more than $4 million in Illinois, there is an estate tax placed on large estates after a person dies.
If your estate falls under this category, Diamond Estate Planning Law can help you organize your assets in a way to ensure that your children still receive what you want them to receive – instead of having to give most of it up during tax season.
Even if your assets are not near that amount, Diamond Estate Planning Law can help you put a plan in place to make sure your children are set up for success.
At Diamond Estate Planning Law, our estate planning attorneys have decades of experience helping the people of McHenry, IL set up an estate plan to ensure families have a plan in place for the future. We can help you navigate all of the complexities of setting up a will or trust for your children and will work fervently to protect your interests. Contact us today to set up your free consultation.
DISCLAIMER: Any information contained herein is solely for informational purposes. While it is important that you educate yourself, nothing herein should be construed as legal advice or create an attorney-client relationship. For specific questions, we urge you to contact a local attorney for advice pertaining to your specific legal needs.