Once you have a child, your entire life changes. You want to make sure your child is well cared for and has a stable and secure life. However, while you may not like to think about it, it sometimes happens that a child’s parents in Illinois pass away before the child is grown. For this reason, it is important to have an estate plan.
Execute a will
One basic estate planning document is a will. In a will, you can dictate who is to inherit your assets when you pass away. If you have a child, you will likely want to leave at least a portion of your estate to your child. But a will can do more than simply lay out who is to receive what upon your death. In a will, you can choose a guardian for your children and an executor of your estate.
You may have given some thought to who you would like to raise your child should you die before your child is 18. However, to ensure your wishes are met you will want to make your decision regarding guardianship legally binding in your will. Your guardian may also be granted power to manage your child’s inheritance until your child reaches age 18.
Choosing an executor
In a will you can also name an executor to your estate. The executor will admit your will to probate (if necessary). The executor of your estate will also ensure the proper taxes are paid upon your death, locate your heirs and distribute your estate to your heirs, among other duties. It is important to discuss your choice of executor with that person while you are still alive, to ensure they are willing to take on this important role.
Learn more about estate planning in Illinois
Ultimately, this post is for educational purposes only and does not contain legal advice. Those who want to learn more about estate planning in Illinois are encouraged to explore our firm’s website for further information on this important topic.