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708-226-9904

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Orland Park will and trust attorney

In life, it can be a good idea to plan ahead, since no one knows what the future holds. Estate planning is the process of arranging in advance for the management and disposal of your estate both while you are alive and after your death. Estate planning is crucial for your future as well as your family‚Äôs well-being. Wills and trusts are two of the most common legal documents that are created in the estate planning process. Both handle finances and assets, but they do so in different ways. Many families seek legal assistance to create one, if not both, of these estate planning tools to have peace of mind in regards to their future.

What Does a Will Do?

A will details what will happen to you and your assets after your death. It will state how you want your affairs handled and how your property should be distributed to your heirs. While many young adults and parents do not take the time to consider their own death, addressing these issues can ensure that your wishes are followed correctly. If you have minor children, you should take the time to appoint guardians to ensure that they will be taken care of by people you know and trust. If this is not decided before death, children may be placed into the hands of a family member who you would not want to care for their children. 

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3 Things to Update in Your Estate Plan if You Are Getting Divorced

Tinley Park estate planning and divorce lawyerDivorce comes with a long, long list of things that you need to do and items that you need to give consideration to. If you are getting divorced, one of the things that you should be thinking about is your estate plan and what the end of your marriage means for that plan. You are most likely going to need to change some things in your estate plan, but what should you be looking for? Here are three things that you should review and update following your divorce:

1. Power of Attorney

A power of attorney for finances allows another person to manage your affairs if you are unable to do so yourself. You and your spouse probably have executed a power of attorney at some point, but you should revoke this as soon as possible, as it may give your spouse access to your assets. This can be particularly important if the divorce is not going to be a smooth one. In addition, you may have executed a power of attorney for healthcare which named your spouse as a health care proxy, authorizing them to make healthcare-related decisions for you if you are unable to do so. You will likely want to revoke this authority as well following your divorce.

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