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Estate Planning for Minor Children

TRUSTED ESTATE PLANNING ATTORNEYS

Sean Robertson and Gateville Law Firm your estate planning and trust law firm.  We serve the Yorkville, Naperville, and Shorewood areas.  Attorney Sean Robertson is an experienced estate planning and wealth preservation attorney with greater than 15 years of estate planning law.  Attorney Robertson is a DePaul University College of Law Graduate in 2003.   Sean Robertson concentrates his law practice in the areas of elder law, asset protection, and wealth preservation law.

Revocable Living Trust for Parents

A Revocable Living Trust as a popular estate planning tool.  A Revocable Living Trust distributes your assets upon your death.  Furthermore, parents may name guardians of their minor children in their Revocable Living Trust.  Naming of a guardian for your minor children is an important decision.  Generally, the guardian of the minor children will be listed in the Will or otherwise known as a “last will and testament”.  The Last Will and Revocable Living Trust will coordinate with one another.

Trust for Minor Children:  Naperville, Plainfield, Aurora, Oswego, and Lisle Attorneys

A popular estate planning tool is the use of a Trust for Minor Children.  Establishing a Children’s Trust provides for minor children.  A Children’s Trust is an estate planning technique to provide asset management and distribution of assets from one generation to the next.  Generally, a successor Trustee will be responsible for managing the children’s trust.  A children’s trust is critical because most parents want to avoid probate court and litigation expenses.  A children’s trust is often a sub-trust within a Revocable Living Trust.  A sub-trust means that a children’s trust is part of the parent’s overall estate planning and trust strategy.

Often times, parents have major assets to distribute to their minor children upon both parent’s death.  These assets include life insurance, real estate and home ownership, investment real estate, retirement accounts, and business interests among other assets.  One of the roles of the estate planning attorney in Naperville and South Naperville is to set up an estate plan that minimizes conflicts and is realistic.  Parents name friends and/or siblings to be their guardians for their minor children.

  1. Guardian of the Estate

The first type of guardian is the guardian of the estate.  The guardian of the estate is responsible for managing the finances of the minor children.  Generally, a well-planned estate plan should consider whether a person or co-trustees should manage the wealth of your minor children.  One of the factors in making this decision is the amount of assets a person or persons is/are responsible for managing.  Second, simplicity is another important factor because having your wife’s family manage the finances of the minor children while the husband’s family is responsible for the day to day parenting of the minor children is likely a bad idea.  A major consideration to consider is family peace and simplicity.  A key question to consider is how a person at is maintaining financial records and getting along well with others.  Age may also be a major consideration because an inexperienced or highly experienced relative may not be the appropriate person to manage a substantial amount of wealth.  Health issues and energy may be a major concern for parents and grandparents.

  1. Guardian of the Person

A guardian of the person is responsible for making non-financial decisions such as healthcare and educational decisions.  One person may be a good parent, but they lack solid financial skills.  Sean Robertson and Gateville Law Firm assist parents and grandparents with estate planning and trust planning for minor children.

Parents may determine that it is best to have one person, or a family be responsible for the guardian of the estate and guardian of the person roles.  Most families decide to combine the guardian roles for minor children, but it depends on your specific circumstances and facts.  An experienced estate planning and children’s trust attorney is vital to assist families making these difficult choices in a practical manner.

EXPERIENCED AND RELIABLE ESTATE PLANNING AND FAMILY TRUST ATTORNEYS

Here are several questions that parents should consider asking when deciding on their children’s trust:

  • Who should be the Trustee or Successor Trustee(s) for the Minor Children’s Trust?
  • Do We Want to Provide for Unborn or Adopted Children?
  • Define when a distribution of assets may be made to the minor children and at what age?
  • When Can Assets Be Touched by the Minor Children?
  • Should a Corporate or Professional Trustee Be Decided? By Whom and When?
  • Is a Guardian(s) Appropriate If a Divorce or Separation Occurs?

These are some of the many important factors that parents must consider when performing their estate planning.  Parents must ensure that their Revocable Living Trust is funded properly which means that your assets should be appropriately titled and have the appropriate designated beneficiaries.  For example, your house should be in your Trust’s name or utilize another method of distributing your real estate or personal property upon your death.

CONTACT GATEVILLE LAW FIRM TODAY AT 630-780-1034

Attorney Sean Robertson is the Principal of Gateville Law Firm, which concentrates in estate planning, guardianship and probate, and wealth preservation law.  Attorney Robertson has over 15 years of experience as an estate planning and wealth attorney.  Contact Gateville Law Firm at 630-780-1034.

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1905 Marketview Drive Suite 268
Yorkville, Illinois 60560