Protecting Your Kids: Why a Will Alone Isn’t Enough for DuPage County Parents
Most DuPage County parents believe a simple will is a safety net. In reality, it might be leaving your children's future up to a courtroom. Whether they are still getting settled into their careers or believe that their family dynamic isn’t as dramatic as the stories they may hear about celebrity probate estates, oftentimes, having a will set up is the bare minimum of what families with young children need to protect their assets and their children.
Legal Guardianships
While a will incorporates the nomination of a legal guardian into a person’s estate plan, it doesn’t necessarily simplify the probate process for that person’s loved ones. In Illinois, when a person dies with minor children, a legal guardianship needs to be established. This is done through setting up a guardianship of the person (where the legal guardian cares for the physical well-being of the minor) and guardianship of the estate (where the legal guardian oversees the minor’s financial interests).
The Case for a Living Trust
If a person has a will, they may name a legal guardian of both the person and the estate for their children. Without a trust, the funds that the guardian of the estate has to oversee will belong to the minor child outright once the child is 18 years old (sometimes this can be until 21, depending on how the will or financial account is structured). Could you imagine your child who has recently graduated from high school inheriting everything that you have with no restrictions? Your guardianship lawyer will try to help make the transition smooth, but that’s what happens without a trust.
When you set up a living trust, you can determine the timeline without the need for additional court involvement. A trustee is a person who manages your trust. If you pass away, your trust is the map, and you’ve given your trustee the keys to take the route that you’ve personally selected.
For example, if education is of particular importance to you, you can have contingencies regarding the completion of a particular program before your child receives their inheritance. Alternatively, if you would prefer that your child gain work experience and start building their own legacy, you can delay distributions until your child reaches a particular age.
Plan to Protect
Remember, a trust not only protects your minor children, but it can also help your family avoid probate. It’s important to remember that a trust only works if it is ‘funded’ — meaning your accounts and property are actually titled in the name of the trust. We can help you with your DuPage County estate planning for your young children and will lead you through various scenarios, so you can have control over how your legacy is preserved.
Estate planning doesn’t have to be an overwhelming legal ordeal. If you’re ready to ensure your children are protected, let’s sit down for a consultation to discuss what a plan actually looks like for your family. Email general@hollomanhood.com for more information today.