Naperville Children's Trusts Lawyers

Trusted Estate Planning Attorneys Serving Naperville, Illinois

It is natural to want to take care of your children and make sure that their needs are taken care of for the future. While writing a last will and testament can allow you to pass down assets to your child, you might not be able to control how those assets are distributed. One way to provide for your children in the event of your death is to establish a trust.

At the Davi Law Group, we believe in protecting the rights of our clients and their loved ones. We are especially focused on being advocates for those who cannot often speak for themselves. We partner with parents and guardians to create future financial stability and thoughtful provision for children through careful, thoughtful estate planning.

Establishing a Children's Trust in Illinois

A children's trust is one that specifically provides for minor children as well as children older than 18. You may want to consider creating a will and combining it with a trust. There are many options available and our attorneys will help you decide what is best for your unique situation.

Elements of a children's trust include:

• Choosing a trustee to execute the terms of the trust
• Choosing a custodian to allocate benefits to your minor children
• Defining the terms and conditions of property and asset allocation
• Defining provisions for children based on their age and maturity
• Determining actions that are in the best interest of the child

The trust must be fully funded to be effective. It is not enough to set up the instrument and not add the financial backing to set it in motion. Funding the trust ensures that, in the event of your death, your children will be provided for as you prescribed. If your child is disabled in any way, you may want to consider creating a third-party special needs trust.

Our firm recommends making specific provisions for your children. If you do not make those provisions, Illinois probate laws will make them for you and you may not agree with the decision of the court. You should have a say in how your children are cared for and you can protect that right by proactively establishing an estate plan that addresses the future needs of your children.

Advantages of Setting Up a Children's Trust

One of the major benefits of setting up a trust is the control it gives you. When you establish a children's trust, you can decide under what conditions the child will receive the assets in the trust, such as upon reaching a certain age. You can also decide whether you want to distribute the funds as a lump sum or in gradual increments over time.

Another reason to consider setting up a trust for your child is to bypass the process of probate. When you pass, your assets will have to be distributed according to your will (or by intestate succession if you did not leave a will), which can be a long, painstaking process. By establishing a trust, you can pass those assets directly to your child without needing to go through probate.

Contact a Naperville, IL Children's Trust Attorney Today

If you are considering setting up a trust for your child, seeking legal representation is highly advisable. Contact our Naperville estate planning lawyers to get started with establishing a trust for your children today. We offer free in-person consultations to get to know our attorneys and reasonably-priced consultations to discuss your specific needs. Should you retain us as your counsel, financing options are available. We serve clients in DuPage, Will, Kane, Kendall, and Cook Counties from our offices in Naperville, Plainfield, Wheaton, Joliet, and Chicago, Illinois.