Will proper drafting, a Will can provide for the care of minor children if no parents survive, by designating a guardian of your choice to care for your minor children and even a trustee to manage the assets left for them until they reach a mature and responsible age, which may not be when they turn 18 years old. Who should be the guardian(s) of your minor children and/or trustee to manage your assets on their behalf is a critical decision that should be made carefully. When making arrangements for surviving children who are young, many parents choose to hold the property for children in a trust until the children reach a certain age. Often parents choose to release assets to the control of their children in stages (for example, 1/3 at age 21, 1/2 at age 28, and the rest at age 32) so that their children responsibly manage those assets and don’t squander them. There are a variety of ways to distribute assets to and Windy City Wills and Trusts can help you design a plan that works best for you.
