Frequently Asked Questions About Estate Law or Estate Planning
1. What do I need to protect my assets?
A will allows you to leave all your property specifically to your partner, establish a legal guardian of your minor children, and save the costs of a bond.
A living trust is another way that property can pass to your heirs after your death. It remains more private than a will, bypasses probate, allows for a faster property transfer, and provides less opportunity for litigation.
You should have a thorough review with one of our attorneys of your assets, how they are titled, the beneficiary designation, and the value of the assets.
2. My partner and I are in a civil union or marriage, do we even need to worry about estate documents?
Yes. A civil union or marriage is a safety net that gives you basic protections only in states that recognize the union. You need to complete estate documents to have top notch protection. Wills help you establish a legal guardian for your children, trusts help you responsibly transfer your assets, powers of attorney for property and healthcare give your partner the sole authority to determine end of life issues and have easy access to funds that are not jointly titled.
In addition, many states and many countries do not recognize civil unions or marriages between same-sex couples, so moving or traveling creates a situation in which powers of attorney and wills are vital.
3. May anyone draft a will for me?
Any licensed attorney may draft a will for you. However, our firm, which specializes in LGBTQ issues, will have knowledge of the unique problems, and solutions, needs for LGBTQ individuals and couples.
4. How do I make sure that my partner can visit me in the hospital?
A durable power of attorney for healthcare will provide a clear statement of who you want to make decisions about your healthcare and of your wishes regarding end of life issues.
5. If something happens to me while I'm in the hospital, how can I make sure my partner has full access to my funds to keep up our residence?
A durable power of attorney for property gives your agent, which can be your partner, access to your financial accounts.
6. What is the difference between a living will and a power of attorney for healthcare?
A living will is a statement made by you about your end of life care preferences and is used as direct communication between you and a healthcare provider. A durable power of attorney for healthcare includes a statement about your end of life care preferences, but also states whom you would like the healthcare provider to communicate with about you end of life issues.
Contact Chicago Estate Planning Attorneys
To schedule an appointment with an estate planning attorney, call 773-878-4480 or contact us by e-mail.
