Estate Planning Basics. Getting your estate in order may sound daunting, but it doesn't have to be. Follow these simple steps to get started with building your estate plan. Living Trusts. Making your living trust will be easier if you think it through and gather necessary information before you sit down to do it.
Creating a solid personal financial plan involves more than just budgeting and saving money. It should also include some estate planning—starting with drawing up a will and going from there. By drafting a living trust, designating beneficiaries, and holding property jointly, you may be able to avoid probate. With careful planning, probate can sometimes be avoided. Still, probate doesn't have to be a scary process. Power of attorney is essential in the event that you're incapacitated or not physically present to make decisions on your own behalf.
Learn more in our in-depth guide. Importance of Estate Planning for the Single Parent While you might be fit and in perfect health today, there's no way to predict the future. About the Author Belle Wong, J. Related Topics. Facebook Twitter. This portion of the site is for informational purposes only. The content is not legal advice. When someone in Illinois dies without a will , the state will determine how your assets will be distributed.
Each state has its own probate laws, including who inherits what assets if someone dies intestate. An up-to-date will is the best way to protect your family and loved ones. The other parent is the preferred choice. The court may only deny this request and give responsibility to somebody else if that would be better for the child.
If the other parent requests responsibility within one year of your death, the court will give them precedence over your chosen guardian. If the surviving parent submits their request a year or more after your death, they will no longer be the preferred choice. It should state you want your children to live with the guardian even if the other parent is alive. It should describe the relationship or contact between your children and named guardian. Your Will should state that you want your kids raised in a home free of crime, violence, drug abuse, and so on.
Do not name the other parent, speak badly of them or accuse them of abuse. A Will is a public document. The court might consider such statements untrue or offensive. This might cause the court to give the other parent legal rights against you or your estate. After your death, your proposed testamentary guardian must be ready to tell the court about the other parent's abuse. They must keep any proof against the other parent of violence, court orders, or other evidence, like your written statements.
Your Will should state that you waive give up any attorney-client privilege if needed to help the named guardian get custody. A lawyer you worked with, such as during a divorce, might have confidential information about your abusive relationship. That information could help prove the other parent unfit to have the children. Your Will must say your personal representative person who carries out your Will can use your money for legal fees to fight for custody, because it is in your children's best interest.
The court might appoint a guardian for your children while you are alive if both of these are true:. A guardian would step in to meet your children's needs, like making medical, financial, and personal care decisions. A guardianship like this does not end your parental rights. Anyone can ask the court to appoint a guardian.
See below. Example 1 : A friend or relative has died. That person had asked you to take care of her children. You can file a "third-party custody action" asking for custody. Example 2 : a relative is too sick to care for his children. You get physical custody. You do not get guardianship. The sick parent keeps his parental rights. You take care of the children. Nonparent custody orders already in effect will still be good in
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