Estate Planning: The Importance of Customizing Your Plans

 Posted on November 29,2018 in Estate Planning

If you have recently decided that it is time to create an estate plan, congratulations! You are one vital step closer to preserving the financial future of your family. However, it is important to understand that, when it comes to estate plans, one size does not always fit all. In fact, using so-called “boilerplate” forms or documents could lead to devastating oversights, as there are many different situations that could require special consideration.

Special Needs Children and Adult Dependents

Children who have special needs are often entitled to government benefits to help ensure that their medical and daily care needs are met. In many cases, these benefits continue well into adulthood. Unfortunately, when parents, siblings, or other family members leave behind an improperly planned inheritance, the benefits available to a special needs individual could be placed at risk. Then, rather than enhancing their lives, the inheritance ends up being spent on their daily needs.

Parents and loved ones can avoid this risk by taking the time to speak with an attorney about the child’s specific needs. In many cases, a special needs trust could be appropriate to protect the heir’s best interests.

Blended Families and Stepfamilies

Today’s modern family often includes children from previous marriages or stepchildren. Unfortunately, what many parents and stepparents do not know realize is that the law does not automatically consider a person’s stepchild to be his or her legal child. There are many potential problems that could arise as a result. For example, if you die without a will, Illinois law states that your property will be divided between your surviving spouse and your children. Your stepchildren will not be included unless you have taken the step to adopt them legally.

With a customized estate plan, however, parents can provide for all of their biological children and step children in whatever way the parents see fit. They can set up trusts, or they can simply ensure that the wills of each parent include provisions for the children. An attorney can help you decide which options may be most appropriate for your family’s situation.

Contact a DuPage County Wills and Trusts Attorney

At A. Traub & Associates, our compassionate team will work hard to ensure that your family is fully protected well into the future. Skilled and experienced, we help craft creative solutions, regardless of what your family’s unique needs may be. To learn more, schedule a confidential consultation with our knowledgeable Lombard estate planning lawyers. Call 630-426-0196 for an appointment today.

Source:

https://www.aarp.org/money/investing/info-2018/stepfamily-estate-decisions.html

https://www.fidelity.com/viewpoints/wealth-management/estate-planning-for-special-needs