What Families with Young Children Need to Know About Estate Planning
As summer winds down and the back-to-school buzz begins, there’s a quiet sense that everything is about to change.
Schedules will fill. Routines will shift. Life will speed up.
But before the pace of fall takes over, there’s one important thing you can do to protect your family: create an estate plan.
At Russo Law Offices, we work with families just like yours, parents juggling work, school supplies, playdates, and late-night “what-ifs.” And we know the idea of estate planning can feel overwhelming.
But here’s the truth: if you have young children, this isn’t something to put off.
Here’s why now is the right time:
1. Fall Brings Structure, and an Opportunity to Prepare
Once the school year starts, life becomes a whirlwind of schedules and commitments. Summer offers a window of space, and that makes right now the perfect time to put legal protections in place.
Estate planning allows you to:
Name a legal guardian for your children
Ensure your assets are managed according to your wishes
Protect your family in the event of an emergency
2. The Most Important Decision You May Ever Make
If something were to happen to you, who would raise your children? If you haven’t named a guardian in a will, a judge will decide — and it may not be the person you’d choose.
Naming a guardian is one of the most loving and responsible things you can do for your children. It gives everyone peace of mind and avoids family conflict during an already difficult time.
3. Minors Can’t Inherit Money, A Trust Can Help
Did you know your child can’t directly inherit assets until they’re 18? That includes life insurance payouts or savings.
A revocable living trust lets you:
Decide who manages the money until your child is ready
Outline how funds should be used (education, healthcare, etc.)
Avoid probate and ensure privacy
This is especially important if you’re naming your children as beneficiaries on accounts or policies.
4. Emergencies Happen, Even in the School Year
Accidents and illnesses don’t wait for a convenient moment. Powers of attorney and healthcare proxies allow someone you trust to act on your behalf if you’re temporarily unable to make medical decisions or handle bills while you recover.
5. Estate Planning Isn’t About Wealth, It’s About Security
Many parents believe they don’t need an estate plan if they’re not wealthy. But estate planning isn’t just about money’s about clarity, protection, and control.
It’s about making sure:
Your kids are raised by the people you choose
Your finances are handled responsibly
Your wishes are honored, no matter what
Let Us Help You Start the School Year With Peace of Mind
At Russo Law Offices, we make estate planning simple, approachable, and tailored to your unique family. We’ll walk you through the process, answer your questions, and make sure your children and your legacy are protected.
📍 Serving families from our Hinsdale and Hoffman Estates offices
Get Started Today: Download our FREE Guide to Writing a Will to learn more about your options and get started with confidence.
*The information provided in this blog post is intended for general informational purposes only and should not be construed as legal advice. Each individual's situation is unique, and the laws regarding estate planning can vary by jurisdiction. It is essential to consult with a qualified estate planning attorney to discuss your specific circumstances and to receive personalized legal advice. Russo Law Offices is not responsible for any actions taken based on the information contained in this post.