How to Say “I Love You” with Estate Planning

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Estate Planning

Jewelry and Chocolates are nice but to truly show you love-think of an estate plan! Yes, love is in the air this Valentine’s Day season. We are going on record to say nothing quite says I love you like a comprehensive estate plan! There is no better way to live out your vows of “in sickness and in health” and “till death do us part” like creating an Estate Plan to cover all situations that may arise in the future. Together with an estate planning professional, you can create a document to ensure that you and your spouse are prepared for any health issues that may occur.

Consider these tips to create your estate plan and say I love you:

Get the Estate Planning Conversation Started: The first step toward creating your customized estate plan is opening a discussion with your partner. It is important to listen to each other’s opinions and make sure each of your concerns are addressed. Start asking questions such as: What do you want to include in your Advanced Healthcare Directive? Do you want to create a joint Will together? Who will your Financial Power of Attorney be? If you have children, who would you want to have responsibility for them if both of you unexpectedly pass away?

Create an Advanced Healthcare Directive: Show your partner you love them by completing both you and your partner’s Advanced Healthcare Directives. An Advanced Healthcare Directive is a legal document that specifies how an individual wants their medical needs to be taken care of if they can no longer make the decisions themselves. Having these details written out in an Advanced Healthcare Directive will help ensure that all of your wishes are met, and give you a semblance of control over your medical decisions even when you cannot speak on them for yourself. Contact a Chicago trust attorney.

Create Nomination of Guardianship Documents: Demonstrate your love by creating Nomination of Guardianship documents. Nomination of Guardianship documents are legal documents that allow you to name someone as a guardian of your minor children in the event that you pass away unexpectedly or are no longer able to care for them yourself. There is no better way to let your partner know you love them then by protecting the children you both love so dearly.

Create a Joint Will: If you are creating a life together, you may want to make sure you have a joint will not just individual ones. A will, which is a legal document that allows you to leave your assets to your loved ones. Taking the time to create a joint will with your partner will show your long-term commitment to them. Talk to a Chicago lawyer with expertise in wills.

Make Your Partner the Beneficiary of Your 401k Accounts: If you are committed to your partner long-term, you will want to consider making them the beneficiary of your 401k accounts. Doing so ensures that they will receive all money you have saved for your retirement. Nothing quite says I love you more than working to take care of them even from the grave!

Preparing for whatever circumstances may arise in the future is yet another way of saying to your loved ones, “I love you.” At Anthony J. Madonia & Associates, Ltd., Chicago estate planning attorneys, we can handle any and all of your estate planning needs. We will even provide chocolates and a red ribbon for Valentine’s Day.