Parents with Minor Children Estate Planning

If you have minor children, or children of any age with special needs, estate planning takes on a heightened importance. Learn more about estate planning for parents with minor children in this presentation.

1. di

PARENTS WITH MINOR
CHILDREN ESTATE PLANNING

2. WHY IS ESTATE PLANNING
NEEDED?

3. If you have minor children, or
children of any age with special
needs, estate planning takes on a
heightened importance

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4. e If you die intestate, or without an estate plan
in place, your children inherit from your estate

e Minor children cannot inherit directly

e Without an estate plan you have no control
over who will control your child’s inheritance

O You also forfeit the opportunity to express
your wishes with regard to a guardian for your

minor children

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5. GUARDIAN

6. Over half of all marriages end in
divorce, meaning you may not
still be married to your
child’s other parent

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7. If the other parent is alive, and
willing, he or she will likely take
over custody of minor children in

the event of your death

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8. If the other parent is not able
or willing, a court will have to
decide who to appoint as
guardian for your children

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9. Your Last Will and Testament is
your only chance to express your
wishes with regard to a guardian

by nominating one in your Will

10. CONSIDERATIONS FOR A
GUARDIAN

11. Before making a nomination in
your Will, consider the following
factors when choosing a guardian:

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12. FAMILIARITY

13. Is your potential guardian
someone with whom your child has
an established relationship?

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14. Aunt Sally in Canada may be your
sister but if your child has never met
her it could be very traumatic to be
placed with her after losing you

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15. PROXIMITY

16. Does the guardian live close by or
is he/she willing to relocate?

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17. This is more important for older
children who have established
routines and friendships

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18. Uprooting them after losing a
parent could add to the trauma

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19. ABILITY

20. Does your nomination have
the financial and practical ability
to care for your child?

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21. If finances are an issue, have you
made sufficient arrangements in
your estate plan to provide funds?

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22. BELIEFS/PHILOSOPHIES

23. Choosing a guardian who
shares your basic parenting style
and belief system should prevent
the additional stress of your child

having to adjust to a whole new
way of doing things

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24. WILLINGNESS

25. Never assume that someone —
even a family member - is willing
to be your child's guardian

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26. Always sit down and discuss
the issue before nominating
the individual to avoid a problem
down the road

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27. | A >> \ \
INHERITANCE - OPTIONS FOR
TRANSFERRING ASSETS

28. Without instructions to the
contrary, your child’s legal guardian
will usually control the child’s
inheritance, meaning an
ex-spouse could control what
you leave to your child

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29. Unless your estate plan dictates
otherwise, your child will receive
his/her inheritance at the age of 18
which can be a mistake if the
inheritance is substantial

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30. Creating a trust allows you
to name a trustee to manage
and control the assets you
leave your child

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Arronneysar Law Esr 2857

31. A trust also allows for staggered
disbursements which decreases
the chance that your child will
squander the inheritance because
he/she is too young and immature
to handle the inheritance

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Arrorneys ar Law Esr 1857

32. LEARN MORE ABOUT ESTATE
PLANNING FOR PARENTS WITH
MINOR CHILDREN IN ILLINOIS

33. Im

445 US Highway 6 East, Geneseo, IL 61254 5030 38% Street, Suite 2, Moline, IL 61265
Phone: [phone] Phone: [phone]