SINGLE? YOU NEED A PLAN!
If you have never been married, or are divorced or widowed, you need to consider the following:
- What will happen to you if you are in an accident or become ill and cannot make your own health care decisions?
- Who will be able to pay your bills for you and take care of your insurance, 401k/IRA accounts, cell phone bill, and other financial matters for you if you are ever unable to do these things for yourself?
- Where will your assets go upon your death?
If you have a close friend or significant other who would be “your person” for these things, you must state your wishes in legally enforceable documents, including a Will, Revocable Living Trust, and Powers of Attorney for Health Care and Property. If you have not executed these documents, or if they are prepared and executed in a way that does not meet the statutory legal requirements, your immediate family (i.e., your parents and/or your siblings) will have legal standing under Illinois law to make decisions for you and inherit your assets. If you wish to leave anything to friends, more distant or younger family members (e.g., nieces or nephews), or charities, you need to do so in a Will or Revocable Living Trust, or with carefully thought-out beneficiary designations.
If you have ever been married, and had previously done some planning with your spouse, you will need to review and update any documents (e.g., Will, Revocable Living Trust, Powers of Attorney, HIPAA Authorizations) and your beneficiary designations to remove your former or late spouse from them.
The experienced estate planning attorneys at Waltz, Palmer & Dawson, LLC can sit down with you and discuss your personal situation, your concerns and wishes, and help you come up with a plan that will work for you.
Waltz, Palmer & Dawson, LLC is a full-service law firm with various areas of service to assist your business, including: Employment Law, Intellectual Property, Commercial Real Estate, Litigation and general Business Law services. Individual services include Estate Planning, Wills and Trusts, Probate, Guardianship, Divorce and Family Law, Collaborative Divorce & Mediation.
This article constitutes attorney advertising. The material is for informational purposes only and does not constitute legal advice.