Share Your Experience

five star review
X
Blog
Lombard Office
630-426-0196
Chicago South Loop
312-528-3290
Subscribe to this list via RSS Blog posts tagged in powers of attorney

Lombard estate planning attorneysPeople can get uncomfortable when discussing the role finances play in how successful or fulfilling a marriage will be. However, the simple fact is that money is consistently found to be the number one cause of stress in marriages. Studies have even shown that couples arguing over finances is the top predictor of divorce. Marriage is a financial partnership as much as it is a romantic partnership. If you are tying the knot this summer or have recently wed, read on to learn the steps newlyweds should take to protect their financial future.

Update Beneficiary Designations

Getting married can be quite the challenging and chaotic undertaking. Between choosing the venue, inviting guests, hosting the reception, and finding places for all those wedding gifts, some newlywed couples forget that there are certain financial steps they should take as well. Many unmarried individuals have their parents chosen as beneficiaries on things like life insurance policies and retirement accounts. When those individuals get married, they will need to change the beneficiary to their new spouse—presuming they wish to do so, of course. If the beneficiary designation is not modified and a tragic accident occurs, the surviving spouse will not receive any of that life insurance policy's payout. After getting married, each spouse should review financial accounts such as 401ks, brokerage accounts, IRAs, and bank accounts and update beneficiary designations as needed.

...

Lombard estate planning attorneyOver the last couple of weeks, posts on this blog have discussed how your estate plan could be affected by a divorce. The first post covered your will while the second post talked about the impact of a divorce on certain types of trusts. While wills and trusts are two of the most common estate planning tools, there are others that might need to be updated if you decide to get divorced, including powers of attorney for property or health care.

Powers of Attorney

A power of attorney refers to an arrangement in which a person—called the “principal”—gives legal authority to another person—called an “attorney in fact” or an “agent—to make decision on the principal’s behalf. A power of attorney can include a wide range of decision-making responsibilities, but there are two basic types. A power of attorney for property gives the agent the authority to make decisions regarding the principal’s assets, debts, and other property, while a power of attorney for health care allows the agent to act on the principal’s behalf in matters related to health and medical care.

...

Lombard estate planning lawyerWhen most people are asked about the concept of estate planning, they immediately think about a will and how it can be used to determine what will happen to a person’s assets and property upon his or her death. A will is certainly one of the cornerstones of a comprehensive estate plan, but on its own, a will is not always enough. There are four major elements of estate planning, and an experienced attorney can help you address each one properly.

Protecting Your Property During Your Lifetime

While estate planning is largely focused on what will happen after you die, the process also includes ensuring you have enough financial security to live out the rest of your life as you see fit. Investment strategies and savings, of course, are important, but you may also want to take steps toward protecting your family business or income-generating real estate holdings. You should also consider assigning power of attorney for property to a trusted person who can make decisions regarding your affairs in the event that become incapacitated and unable to make such choices for yourself.

...

Lombard estate planning lawyerFor most couples, divorce is a difficult, time-consuming, and often expensive process. The considerations that accompany a divorce can seem almost endless, from determining who will keep which assets, how parental responsibilities will be divided, and whether spousal support is necessary. In the back of your mind, you probably realize that, at some point, you will need to update your will and other estate planning documents to address the property and obligations allocated to you during the divorce. But what if something were to happen to you before your divorce is finalized?

Your Estate Plan After Divorce

According to Illinois law, a divorce judgment will make certain changes to most estate planning documents in the event that a person dies before amending his or her estate plan. For example, if you named your spouse as the executor of your estate in your will and you pass away after your divorce has been finalized, the will shall be treated as if your spouse died before you. The same is true if your will left property to your former spouse, as well as if you appointed your spouse to be your power of attorney.

...
Illinois State Bar Association DuPage County Bar Association Northwest Suburban Bar Association American Inns of Court DuPage Association of Woman Lawyers National Association of Woman Business Owners Illinois Association Criminal Defense Lawyers DuPage County Criminal Defense Lawyers Association
Back to Top