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Oak Forest estate planning lawyer family financesNearly half of Americans do not have a will, and even less than that have an estate plan. It is not hard to see why, since nobody wants to think about what will happen when they die. However, it is important to plan for your family’s financial future. Almost everyone can benefit from having a will, but if you are not sure if you need an estate plan, here are some things to consider:

1. Children

If you have a child, it is important to decide what will happen to them in the event that you and your spouse die. In a will, you can name a guardian to take care of your child, but you should also state what assets the child might inherit and who is to take care of those assets until the child is old enough to gain access to them.

If you need something more extensive than a will, a trust might be the best option. A trust allows another person to hold assets on behalf of the person receiving them, and it can minimize estate taxes.

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