What Does Every Family Needs to Know about Wills and Estate Planning?
On this episode of The Mom Networks, the moms tackle the difficult topic of wills and estate planning with Attorney Cindy Campbell of Campbell Long.
Campbell dispels one of the common myths off the top of “If I do nothing it will all go to my family.”
“If I don’t do anything, someone else will take care of it, or it goes to my kids or my spouse, and then my spouse will take care of my kids. But in Illinois that’s not the case,” says Campbell. “Instead, all of your probatable assets will go half to your spouse and half to kids. And, then you might think, ‘So what? My spouse will step in and manage that for my children.’ No, your spouse will have to go into court and get guardianship over your children to manage their portion.”
Dr. Cathy asks what are the differences between wills and estate planning?
“Wills are a part of estate planning,” says Campbell. “Wills are always where I start with parents and I say they are a must. If you don’t have anything else in place please, please, please get one in place. A will nominates guardians for your children.”
Patti Miglin asks, “Is when people have kids that they think about a will?”
“Absolutely!” Cindy says with a laugh, “and including me!”
A few tips for Wills and Estate Planning:
- Start NOW – protect your family and assets
- Other times to update or change plans – Major life events like divorce, death, or change in guardian
- Update every five to seven years because the laws change so much
Cindy earned her bachelors degree in philosophy from Northwestern University and her Juris Doctor from Western State University College of Law in Fullerton, California. She also teaches law part-time at Wilbur Wright College. Her goal in all areas of her work is to assist others by providing information, assistance, and care. She can be reached via e-mail at Cindy@CLCounsel.com.
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More from The Moms Network
Watch more episodes from The Moms Network on NCTV17
- Dr.Cathy Subber
- Patti Miglin
- Lindsey Chan
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