Like other public servants, teachers work incredibly hard to deliver an essential service to society. Without teachers, none of us would even be able to read this blog. Nevertheless, problems with low teacher salaries and retirement benefits doggedly persist, leaving many educators wondering how they can pass financial stability forward to their families after they pass away.
If you are reading this, perhaps you are a teacher with questions about your own future. Or perhaps you are the son or daughter of a teacher, and you are wondering what you can do to help your parents set up their estate plan. In this blog, we will try to answer some of the most common questions about teachers, pensions, investments, and estate plans. For answers to your specific situation, give our Illinois estate planning attorneys a call.
Should a Teacher Have a Will or a Trust?
Many educators assume that since their pensions or defined contribution funds have death benefits, it does not make sense for them to write a will or set up a trust. Nothing could be further from the truth. Just like everyone else, educators deserve to have their final wishes expressed and protected in estate planning documents.