Why Parents Need a Will and a Trust

 Posted on May 03, 2024 in Estate Planning

Having a baby or adopting a child can be one of the most exciting and fulfilling things you will ever do. You are likely deeply committed to doing everything you can to protect and care for your child. One of the things all parents of minor children should do to protect their children is to make a will naming the person they would like to become their children’s guardian in case the parents pass away before their child becomes an adult. Parents can also use a trust to preserve their property for their children in the long term. A DuPage County, IL estate planning lawyer can help you create an estate plan that can provide your children with security in the future.

Naming a Guardian in Your Will 

One of the few things you can do with a will that you cannot do with a trust is to name the person or couple you would want to take custody of your children in case the worst happens, and you pass away, leaving your minor child without a parent. While this is highly unlikely, life is unpredictable, and it is best to be prepared for any situation

You and your child’s other parent should carefully consider who you would choose to raise your children in your stead. The court would still need to approve the person or couple you name. Judges nearly always respect a parent’s decision but can appoint a different guardian if they feel that the person you chose is unsuitable.

Protecting Your Children’s Inheritance With a Trust 

Minors cannot inherit property directly. Anything you want your children to have when they come of age can be placed in a trust for them. You can choose a trustee you believe would responsibly manage your trust on your children’s behalf. Your trustee would be in charge of caring for the property in your trust for your children until they are old enough to claim their inheritance. You may choose to have your trustee gradually distribute funds to your children over the years to give them long-term financial security rather than turning over the entire trust to your children as soon as they come of age.

Another reason to use a trust is that you can allow your trustee to withdraw funds from the trust to meet your children’s needs while they are still minors. You can offer their guardian a certain amount of money each year to provide for your children or allow your trustee to make distributions at his or her discretion.

Contact an Oak Brook, IL Estate Planning Lawyer for Parents

Whitacre & Stefanczuk LTD treats clients like family and is very communicative with clients. Our dedicated DuPage County, IL estate planning attorneys for parents will do all we can to help you protect your children. Contact us at 773-622-6100 for a complimentary consultation. Mówimy po Polsku.