Younger Parents Need an Estate Plan

It is critical for younger parents to have an estate plan, even if they know they are healthy and do not anticipate that anything will happen in the near future. Much too often, younger parents assume that they can wait until they are older to consider estate planning or until there is a health-related reason to begin the estate planning process. Yet estate planning is critically important for parents who have minor children. While estate planning is important for adults of all ages, it can allow parents to make important decisions about who will care for their children in the event that they become unable to do so themselves. Our Oak Park estate planning lawyers can explain in more detail.

Naming a Guardian for Your Minor Children in Your Will

Most importantly for younger parents, making a will allows you to name a guardian who can care for your child in the event of your unexpected death. Nobody anticipates a deadly accident or a sudden situation in which there is a need for another adult to provide care for their minor children. Yet these kinds of devastating accidents do happen, and it is important to be prepared. You might assume that it is sufficient if you have asked one of your own parents, a sibling, or a family friend to provide this care for your children. However, it is extremely important to have that decision made clearly in your estate planning documents so that it is legal under Illinois law.

Providing Financially for Your Minor Children

You can also use various estate planning documents to provide financially for your minor children. Through a will, you can leave certain assets to individuals. You can also ensure that your children are provided for by naming your children or an intended guardian as a beneficiary on your life insurance policy, on your bank and savings accounts, and on other similar assets. When it comes to estate planning with minor children, you can also work with your estate planning attorney to create a trust. With a trust, you can leave assets to your minor children that can be disbursed when they reach a certain age, and they can be protected up until that point. Assets in a trust also do not need to go through probate.

Advance Directives Can Prevent Difficult Decisions

Whether you have minor children or adult children, creating advance directives can clarify what your choices are concerning health care in the event that you cannot voice such decisions for yourself. By having advance directives in place, you can prevent your children from having to make extremely difficult decisions about life-saving measures.

Contact an Oak Park Estate Planning Attorney for Assistance

Do you have questions about drafting a will or creating other documents that are important in the estate planning process? An experienced Oak Park estate planning lawyer at our firm can speak with you today. Contact the Emerson Law Firm to learn more about how we can help you create a will, various types of trusts, advance directives, and other critical documents.



See Related Blog Posts:

Do I Need More Than One Advance Directive?

Am I Too Late to Make a Will?

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