MARRIED COUPLES WITHOUT AN ESTATE PLAN
A marriage brings about many “legal” advantages which may include tax benefits, social security benefits, and employer sponsored healthcare and life insurance. Often times, there is a misconception that the benefits of marriage extend into the estate planning realm and negate the need for any planning. However, most married couples will find an estate plan makes life a lot easier on the surviving spouse.
If you become incapacitated your spouse will still need a power of attorney for finances to access your individual bank accounts, retirement accounts, and make financial decisions on your behalf. A spouse, by simply being a spouse, has very few legal rights to access financial accounts with the exception of accounts jointly held. This comes as a surprise to many. A power of attorney for finances naming your spouse as your attorney-in-fact and decision maker is a simple solution to this potential issue.
The same issue may arise if you are incapacitated and your spouse attempts to make your healthcare decisions. A next of kin is often able to make decisions but this is not always the case and in periods of prolonged incapacity a document explicitly giving your spouse the ability to make healthcare decisions is superior. In addition, healthcare directives can guide your loved one on your end of life wishes including when to be kept alive, what to do with your organs, and what type of final arrangements to make.
Finally, when you pass away, your spouse may not automatically receive your assets. If you have an asset in your individual name, the laws of your state decide what happens to that asset. If you live in Illinois, that asset may be divided between your spouse and your children. Your spouse may not want to own a home with your stepchildren.
This is where an estate plan comes in. An estate planning attorney can create a customized plan for your family to avoid or minimize court intervention and ensure that your assets get to the right individuals.
The Law Office of Stephanie Macuiba can walk you through how an estate plan might work for you and your family. The office can be reached at stephanie@macuibalaw.com or (815) 690-2203. The Office is located at 63 W. Jefferson St., Suite 201, Joliet, IL 60432 and offers remote representation.