You likely associate estate planning with outlining how your assets and property should be distributed after your death, and this is a huge part of the process. However, you can also plan for what happens if you become incapacitated, and perhaps most importantly, you can use an estate plan to protect your children in the future. To learn more about your options, speak with a Libertyville estate planning lawyer today.
Estate Planning Tools to Protect Children
Having a will is important because it makes the probate process easier, and it also allows you to address who should care for your child if neither parent is able to. Should tragedy strike, you can designate a future guardian for your child in your will. This can eliminate the stress of having your kids in limbo following a huge loss, and the court process of officially appointing a guardian should be much easier.
You also want to plan for your child’s financial future. When assets pass through a will, they do so all at once, which can be impractical if your child is a minor – or even a young adult. You can form a living trust to hold your assets, and you can attach conditions to the distributions. The trustee can provide smaller distributions to your child’s guardian while they are young, and then, you might specify that your child only gets access to the rest if they graduate college or meet another requirement. You have options when it comes to a living trust.
Connect with a Libertyville Estate Planning Attorney Today
Your child’s future tomorrow can be strongly and positively influenced by effective estate planning today, so schedule a consultation now with Charles T. Newland & Associates to get started on your estate plan today. Never wait to start this important process.