Asset Protection Lawyer Mount Prospect, IL
Our asset protection lawyer Mount Prospect, IL families, turn to for help knows that no parent wants to consider their untimely passing, especially when they have young children. However, it’s crucial for parents to plan their final wishes carefully, should the unexpected occur. While it’s not surprising that many may put this process off for another day, know that should something happen, there will not be a plan in place for your estate or your children. Plan for the future by contacting Bott & Associates, LTD; we can offer families peace of mind in knowing that their affairs are in order with an estate plan. Here are some key benefits developing an estate plan can offer you, your children, and your family:
Allows You to Have a Voice
One of every parent’s biggest fears is who will care for their children should tragedy strike. While estate planning offers many advantages, having the ability to outline your wishes clearly, can give you a voice when you no longer have one. Consider the following:
You Can Choose Who Will Care for Your Children
Estate planning allows parents to make a clear plan for who will take care of their children. Know that in most cases, when one parent passes away, typically, the other parent will assume full guardianship of the child(ren). While it’s incredibly tragic to consider, should both parents pass away, it will be essential to have another guardian identified within the estate plan. To ensure that everything runs smoothly, it’s important to remember two things:
(1) be sure to identify more than one guardian in the event your initial choice is not available to take on this great responsibility
(2) don’t leave people surprised, have upfront conversations with people ahead of time.
Failure to Name a Guardian May Leave the Decision with the Court
Our Mount Prospect, Illinois asset protection lawyer has seen firsthand the devastation that can occur when parents do not appoint a guardian. Should this happen, the decision of who will take care of your children will be up to the court and the judge overseeing your case. While it’s essential to be aware that the judge is charged with making decisions in the best interest of your children, they may appoint someone that you may not have chosen had you had the choice.
Mitigate Familial Conflict
While your children are near and dear to you, there are also people in your family who feel the same way. Because of this, should something happen to you, familial conflict could quickly arise when there is no estate plan in place for them to refer to. Emotions will be running high, and members of your family may behave irrationally. During this time, your child needs comfort, and part of that is knowing who will be taking care of them. No child should be left in the middle of legal entanglements and familial strife when they grieve the loss of one or both parents. While estate planning is crucial, so is communicating your wishes to your family should the estate plan ever have to take effect. Having clear, well-intentioned conversation with families is critical. You will have the ability to share your decision with them, answer questions and reduce the risk of complications occurring later down the road.
Bott & Associates, LTD has the experience you need when engaging in the estate planning process. Our firm can assist in listening to your needs and providing options that protect your wealth, and ensure your children are adequately taken care of should the unexpected occur. Contact our Mount Prospect, IL asset protection lawyer to get started.