Anyone who has witnessed the family drama after a loved one dies without an estate plan knows the value of creating one for themselves. However, married couples should take some additional steps to ensure their wishes are respected after they die, especially if one or both of them die in an accident. Couples, regardless of the state of their relationship, should each have their own estate planning attorney in Glenview to represent their personal wishes.
Attorney’s represent the interests of their client. When both spouses are represented by the same person, their estate planning attorney represents the interests of the couple. However, spouses that are proactive and choose their own lawyers may be able to negotiate effectively with their spouse to add things to their estate plans they otherwise might have conceded to avoid arguments. For example, a spouse whose partner is opposed to them leaving part of their estate to their brother might be able to work out a suitable arrangement.
An attorney could help them write their personal Titanic Clause to give directions to family or the state in case both of them die in the same accident or within a short time of one another. When couples set up their estate plans, they sometimes assume that the older spouse or the one with more medical problems will die first. While this strategy might be effective, there’s no way to know when each spouse will actually die.
The Titanic Clause will allow a couple to specify what should happen to their assets if things don’t go as they’d expect. This ensures that the people who are intended to receive an inheritance will get it, regardless of which spouse dies first. It could also name contingent beneficiaries to get the asset in case a named beneficiary dies within a certain period of time. Instead of that asset being part of two probate cases within short succession, it could go to someone the original owner wanted to have it.
If you are looking for estate planning attorney in Glenview, Law Office of Jeffrey P. Story, LLC.