Estate Planning Law Firm Arlington Heights IL
Our estate planning law firm Arlington Heights IL trusts is well aware that as part of a married couple, you may be wondering what it means to plan your estate. Should you and your spouse plan your estate together? Should you get the help of an estate planning lawyer or should you attempt to do it on your own? Bott & Associates, LTD., an estate planning law firm Arlington Heights IL residents rely on, share that if you are married, you should not take estate planning for granted. Many people assume that if they are married assets will automatically go to their spouses. However, while some states do give certain assets to spouses, they should also keep in mind that no estate plan could force probate court to take a long and expensive route. To see what we recommend for married couples during the estate planning process, call our estate planning law firm Arlington Heights, Illinois residents recommend now.
What kind of documents would you expect to see in an estate plan?
This is a question we get from our clients often, especially when they have yet to complete an estate plan. We encourage our clients to have four documents in their estate plans.
- A Will. Also known as a last will and testament, you and your spouse should have a will that discusses how you would like personal and shared assets divided, who your executor will be upon death, and where your assets should go. Our estate planning law firm Arlington Heights IL clients trust knows that while it may be obvious that your partner would get the money in your bank account and other assets if you pass away, this is not always the case. Make it clear to avoid confusion.
- A Durable Power of Attorney. This is someone you trust with some of your most important things, including your business and financial matters. Your spouse may be the entirely wrong person to make these decisions so you want to name someone you can trust and rely on when it comes to decisions if you are suddenly incapacitated.
- A Living Will. Our estate planning law firm Arlington Heights IL relies on will tell you that a living will is also known as a healthcare directive. A helathcare directive shows your spouse and the rest of your family what you prefer in terms of medical treatment if you are incapacitated. While this sounds like a particularly sad document, it is important to relay your wishes, especially as it will be an emotionally trying time for your spouse and family.
- An End-of-Life-Plan. We know that it may sound like you have already created some type of plan with the paperwork above. However, our estate planning law firm Arlington Heights IL residents can depend on stresses the importance of an end-of-life-plan. An end-of-life plan can ensure that your final wishes are followed through when it comes to how you want to be buried, the type of funeral you would want, what you want done with your remains, and more. It is incredibly important to discuss this with your spouse and get it in writing.