Many people avoid planning for what will happen to their assets after they die. A common reason people die without a will or trust is because they don’t want to accept their own mortality. However, estate planning is about a lot more than planning for death. It enables a person to do everything they can to ensure the people they care about are taken care of when they are no longer able to do it themselves. Once an estate plan is put together, it only needs to be reviewed once a year to make sure it still reflects the goals of the family.
Parents of young children need a will to inform the courts of who they would like to take care of their children if they precede them in death. Parents who carefully select a guardian for their children who are in agreement with the arrangement are more likely to have the probate court accept their choice. Those who die without a will leave the decision of who will take care of their kids up to someone who has never met their family. In most cases, the court will appoint a family member whenever possible but the only way parents can ensure their wishes are heard after their death is to write a will. A wills and trusts lawyer in Moline, IL might help parents put this document together so it clearly states their desires.
Trusts are also excellent estate planning tools for parents. Whether the children are still minors and will need their inheritance managed for them until they reach adulthood or if they are already grown up and the parents want to pass assets directly to them, a wills and trusts lawyer in Moline, IL could help a family set up a trust so their assets won’t have to go through the probate process to get to the intended heirs. Everyone should seriously consider developing these two documents before an unfortunate accident takes them away from their family and the probate court has to make all the decisions. Those who don’t already have a will and trust can click here to get more information or get in touch with a lawyer who may help.