Your estate plan should provide for the guardianship and financial support of your minor children in the event of your untimely death. Of course, you don't want your 8-year-old to inherit a million dollars.
There are several options for how to handle your estate while your children are still minors. Illinois law provides a solution that may be preferable — the Uniform Transfers to Minors Act. This statute allows you to leave funds for your minor children without the formality and more rigorous requirements of a trust.
The law firm of Jill M. Metz & Associates in Chicago, Illinois, can help you set up a uniform transfer and guardianship arrangements as part of your will. We provide comprehensive estate planning services to clients in Cook County and statewide, with an emphasis on estate plans for lesbian, gay, bisexual and transgender individuals and couples.
Uniform Transfers To Minors Act Attorneys In Chicago
In lieu of a trust, the Uniform Transfers to Minors Act allows an inheritance to be placed in the custody of a designated person, such as your sibling. That person holds the money until your child reaches age 21, at which point he or she will inherit it. Uniform transfers are commonly used in divorce situations. If you died, your ex-spouse/ex-partner would have guardianship and thus control of the child's money.
Uniform transfers are not appropriate in all situations, but they offer several advantages over a trust:
- Finances — Setting up a trust can be cost-prohibitive.
- Simplicity — You may not want to put a lot of conditions on the money.
- Access — If something happens to both parents, the custodian can use the money immediately for the child's benefit, without waiting until he or she turns 21.
- Peace of mind — The money is with a trusted person and won't fall into the wrong hands.
Contact Jill M. Metz & Associates
You can rely on our experienced lawyers for solid advice and solutions. Our role is to anticipate potential problems and to make sure that the transfer process goes smoothly and complies with Illinois law.
To discuss uniform transfers to minors with our Chicago estate planning attorneys, call 773-878-4480 or contact us by email. We look forward to working with you.
Serving The Lesbian, Gay, Bisexual, Transgender Community And Friends In Chicago, Cook County And Illinois