Working with an estate planning lawyer to write your will is essential, particularly if you have minor-aged children. There are a number of reasons for this, but perhaps none are more important than the fact that in the absence of a valid will, it may fall to a Probate Court Judge to decide who will raise your children. Below are five reasons why it’s important to have a will in place, and a law firm can help you with this process. Writing a will on one’s own without the help of an estate planning lawyer may not meet legal requirements. That, in turn, may lead to a disgruntled heir or family member contesting the will after your passing. If their efforts are successful, your children may end up with a guardian, not of your choosing, and they may not inherit the property you wish to leave to them. A lawyer can help you and your children avoid this scenario. An estate planning lawyer can help you write a legally binding will that is not likely to be successfully challenged. Call a law office today to schedule a consultation with a seasoned estate planning lawyer.
Here are three reasons to make a will if you are the parent of a minor:
- Guardianship of your children. A will provides you with the legal power to authorize who will take care of your minor children after your death. At the time of your passing, if your children do not have a surviving legal guardian and you did not specify one in your will, the Court will appoint a guardian. Though the Court is expected to make their decision based on the best interests of the children, the fact is that the deceased parent would have had greater insight. In fact, you can explain your thinking in your will as to who should be the guardian and why, and who should absolutely not be named as guardian and why. An estate planning lawyer can guide you through this process to ensure the will is clear regarding guardianship issues and be legally binding.
- Guardianship of your children’s financial future. As you already know, raising children requires a constant and sometimes substantial financial investment. When you write a will with the assistance of an estate planning lawyer, you can designate a responsible person to handle your children’s finances. This can be the same person you designate as their guardian, or it can be someone else. The financial guardian will be responsible for managing the children’s property that is not otherwise already managed.
- Long term management of your children’s property. Because the children will be young, they are not of age to manage the property you left to them. A will provides you with the ability to establish a method or framework for the management of that property. In most cases, the designated person will manage the property until the children reach an age specified within the will, or an alternative milestone. This allows flexibility to customize your wishes. For instance, you may decide to specify that the children cannot take ownership of the inherited property until they graduate from university, or until they reach a certain age.
There are many good reasons for writing a will. Talk to a will lawyer in Northwest Suburbs Chicago during a free consultation which you can schedule today.
Thanks to Bott & Associates for their insight into estate planning and reasons to make a will if you have children.
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