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Posted on in Estate Planning

Lombard estate planning lawyersEstate planning can be a difficult task for many individuals. Rare is the person who is excited about confronting his or her own mortality. The reality is that none of us will live forever, and estate planning affords us the opportunity to provide for our family members and loved ones well beyond our lifetime. Some elements of estate planning, however, are intended to take effect, if necessary, while you are still living so that your affairs can be properly managed, no matter what happens to you. Powers of Attorney are among the most important estate planning instruments, but they are often overlooked by those who are unfamiliar with their application.

Two Types

There are two different kinds of Powers of Attorney (POA): Power of Attorney for Property and Power of Attorney for Health Care. The two categories refer to the subject matter covered by the document, but both types give a trusted friend or family member the authority to make decisions for you in the event you are not able to make them for yourself. As their names imply, a POA for Property gives your chosen individual or entity—known as an agent—the power to make decisions regarding your finances, assets, and debts while a POA for Health Care appoints an agent to make medical and health-related decisions. By using POAs properly, you can help protect your family from uncertainty and unnecessary costs associated with guardianship proceedings.

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ChristineMarriage is a collection of years and memories that represent two lives connected. When it happens to dissipate, you cannot take back those years nor the memories; however, the property(s) you have jointly accumulated can be. In some fashion or another.

Hearing "prenuptial agreement" prior to the wedding day makes some shudder, some even loudly explaining how they do not need it at all because their marriage will be perfect and will work. However, with today’s statistics not playing in anyone’s favor, it might be a good idea to look into a pre-nup to ensure what you came into the marriage with leaves with you.

During the process, there are some other things to consider. If both spouses live on the same property, it is important that all the assets have been listed, what their value is and organized by if the property is joint or separate ownership. The taxes of said assets need to be determined.

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