This week we will explain the elements of a typical estate plan for a married couple with assets below $2 million dollars. Such an estate plan will contain the following documents:
Ø JointRevocable Trust: Primary estate plandocument, which sets forth inheritance wishes, provides for disability, andestablishes successor trusts for children.Ø Pour OverWill: Safety net document, whichprovides that any assets not transferred to trust during lifetime will be dealtwith according to the terms of the trust; also provides for guardianship ofminor children.
Ø Financial Power of Attorney: Allows your spouse (and successor agents)to execute financial transactions on your behalf.
Ø HealthCare Power of Attorney: Designates an individual to make medical decisionson your behalf in the event of incapacity.
Ø LivingWill: States your wishes in the eventthat you are incapacitated and death is imminent except for delayingprocedures.
O'Flaherty Law is based in Downers Grove and Chicago, Illinois. Our attorneys have expertise in Corporate Representation, Commercial Litigation, Divorce, Bankruptcy, Estate Planning, and DUI defense. Please visit our website at www.oflaherty-law.com for more information and resources or e-mail us at info@oflaherty-law.com with any questions or suggestions for future articles.
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