Stay-at-home parents have a lot of responsibilities to their family. Everything that they do is to provide for their family – but what happens when they no longer can provide for them?
Finalizing an estate plan is crucial for any parent to help their families meet their needs after their passing. However, it may be a more involved process than you realize!
Setting up a will and answering questions about your estate is so much more than simply deciding how to divide up funds between your friends, family, and favored charities. There are certain non-financial contributions to your family that you must consider if you want to help set up your family for any issues that may lie ahead.
The best way to tackle these needs is with a multi-faceted approach. You will want more than just a will once you can no longer meet the needs of your family – financial or otherwise.
Our team of McHenry, Illinois attorneys at Diamond Estate Planning is more than ready to help you set up any possible measures, such as trusts, to help you meet your family’s non-financial needs after your death.
What Trusts Can I Enact To Help My Family?
Some of the best tools at your disposal are trusts; whether revocable or irrevocable, trusts are an exceptional way to provide for your family after death.
Trusts are similar to wills in that they outline your family’s access to their inheritance, both financial and otherwise. In the case of young children, a legal trust can involve guidelines for their care.
The main difference between wills and trusts is that a trust is a private document that usually does not involve probate court.
Trusts come in two primary forms: revocable and irrevocable trusts. The main difference between these two trusts is how easy they are to change or alter beyond your death.
Diamond Estate Planning is here to help you set up any trust that you feel is necessary to meet the needs of your family, whether revocable or irrevocable.
Revocable or Living Trust
A revocable trust is also known as a living trust because of its flexible nature. Most revocable living trusts allow you, the creator of the trust, to change it while you are alive. After you pass away, the trust usually becomes irrevocable and cannot be changes.
An irrevocable trust is the opposite of a living trust. Once it is created, it usually cannot be changed, even during your lifetime.
How Can I Set Up My Young Children For Success?
As a parent, helping your children will always be your main priority. Thankfully, Diamond Estate Planning is here to make life easier for you and your dependents.
A trust can help your children gain the resources they need, financial or otherwise.
A trust can specify important things like:
- How long and under what circumstances they can stay in your home;
- What they can use the trust money for (education, housing, transportation, etc.);
- When they have access the trust money;
- Not to give them money if it will disrupt public benefits; and
- If their spouses or step children have access to the money in the trust.
Additionally, you can specify who you want the guardians to minor children to be in your will so the court has clear evidence of what your wishes are.
Contact Diamond Estate Planning Today
With care and consideration, your trust is usually a good way to make sure your children are well-cared for – and on your terms – should anything happen to you. Establishing a trust can alleviate a lot of stress so that your loved ones can focus on taking care of one another and celebrating your legacy after you’re gone.
Disclaimer: Any information contained herein is solely for informational purposes and is only applicable in the state of Illinois. 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.
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