Why First-Time Parents in Illinois Should Make a Will

 Posted on October 11, 2022 in Estate Planning

Despite the importance and usefulness of a will, fewer than one-third of Americans have one. Yet having a will is a very important part of protecting your beneficiaries (the people who will inherit your belongings), and is even more important for parents of young children. Even if you think you have very little wealth to pass on, a will contains information that will protect your children and your wishes for them if something happens to you. Learn more about why wills are so important for young parents, and then contact an Illinois estate planning attorney for help writing yours. 

Why Should Young Parents Have a Will? 

For young parents, the single most important reason to have a will is that it provides the opportunity to designate your child’s legal guardian if one or both parents pass away. If only one parent passes away, the surviving parent is usually given legal custody. However, not all children have two parents who can care for them. In some tragic cases, both of a child’s parents pass away. If something happened to you and your child’s other parent, who would you want to care for your child? Naming a guardian is the best way to ensure that this vital decision is up to you. If you do not name a guardian, the decision about who will care for your child will be left up to the court. 

Another important reason to create a will is to ensure that property is distributed according to your wishes if you pass away. Without a will, state law dictates how belongings are distributed. Minors cannot legally manage money or property that they have inherited until they turn 18 in Illinois. You may want to set up another legal instrument, such as a trust, to manage your property. A trust enables you to designate a trustee who will hold property on behalf of your child. 

Do We Need a Lawyer For a Will? 

Online services have made it possible to do nearly everything inexpensively using the internet. However, while online will-writing services may seem simple and straightforward, they do not have the benefit of offering customized legal advice from an experienced estate planning attorney. If they are not carefully written, wills may be successfully contested in court, leading to additional costs and complications. Having an attorney help you write your will can ensure your wishes are respected and that you have any other estate planning instruments that you need. 

Schedule a Free Consultation with a Cook County Estate Planning Lawyer

If you are expecting your first child, this is a very exciting time. The law firm of Whitacre & Stefanczuk LTD wishes to congratulate you on this major milestone and to offer our services as DuPage County estate planning lawyers. We know it can be difficult to think about end-of-life decisions just as new life is beginning, but now is the time to protect your child from the unthinkable. Call 773-622-6100 today to schedule your free consultation and find out more about how we can help. 

Source: 

https://www.parents.com/parenting/money/family-finances/why-every-parent-should-have-a-will/