Married With Children
When you are married with children, legal planning is usually pretty straightforward. You want your spouse making decisions for you if you are incapacitated, and you want to make sure your assets go to your spouse when you die, and then to your children after your spouse is gone.
Seems simple, right?
If only it was our probate courts wouldn’t be clogged with the impact of the complexity of money and family. And, there wouldn’t be $58 Billion (with a B) of assets in the State Departments of Unclaimed Property across the United States.
There are a myriad of questions that need to be answered to ensure your family stays out of court, and out of conflict, in the event of your incapacity or death. And, some tactical specifics that need to happen to ensure your assets don’t end up lost to the State Department of Unclaimed Property because your family overlooks something when you can’t be there to guide them.
And, if you are in a second (or third or more) marriage situation with children from a prior marriage (we call this a “blended family”), well it’s an almost guarantee the people you love will end up in conflict, if you don’t plan ahead.
Most of all, your wealth isn’t measured just by the dollars in your bank account, but by the well-being of the people you love. You care enough to get your estate planning handled so your family will stay out of court and out of conflict, no matter what.
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Own a Home? A Trust is an important part of your plan
The main advantage of making a living trust is to spare your family the expense and delay of probate court proceedings after your death. A good Trust means no court dates, avoiding statutory attorney’s fees and years in probate court and increased privacy for your children. Your loved ones can immediately take control of your estate.
Durable Power of Attorney
Power of attorney (POA) is a document that grants a specific person, called an agent, the authority to make important decisions on behalf of another person, called the principal. If you become incapacitated and don't have a general durable power of attorney, your family may have to go to court and have you declared incompetent before they can take care of your finances for you. So it's a good idea to have one in place—just in case.
Advanced Healthcare Directive and HIPAA Releases
An advance directive also allows you to express your values and desires related to end-of-life care. You might think of it as a living document—one that you can adjust as your situation changes because of new information or a change in your health.
Postnuptial Agreement
A postnuptial agreement can also be utilized in the same way a prenuptial agreement can, i.e. if your spouse wants to take on a risky business venture, but you do not want to be tied to the financial consequences a postnuptial agreement can be marriage saving.
A valid postnuptial agreement enables you and your spouse to decide how your affairs and assets will be settled and divided in the event of a separation or divorce. Your lawyer will work with you to draft a custom postnuptial agreement for your unique situation.