No one likes to think about their own death, despite its inevitability. Because of this, too many Illinois and Indiana residents neglect to appropriately plan for the future of their estate. Neglecting this plan can have disastrous consequences, leaving loved ones straddled with unexpected debt and assets passed on to those who you may not have wanted to receive any part of your estate.
Previously, this blog discussed prenuptial agreements and how they can prove beneficial to those who are seeking to protect their interests in the event of divorce. These documents can ensure that property division and spousal support matters are addressed in accordance with the parties' desires at the time of marriage. Yet, as many of us know, people and their wishes can change over the course of time. Therefore, when a couple decides to get divorce, one or both parties may suddenly find the terms of the agreement unfair. In these cases, it may be wise for an individual to consider whether he or she can find a way to invalidate the agreement.
Choosing to get married can be one of the biggest decisions of your life. While you are tying yourself emotionally to another person for what could conceivably be the rest of your life, you are also agreeing to share your financial lives. This means that assets and liabilities alike can become shared. This may be beneficial while you are married, but in the event that you divorce, you may get stuck with debts and lose a significant amount of money through the property division process.
The end of each year is a rough time for many people who use credit cards to cover holiday expenses. This means that throughout the following year, they are left to try to pay off those debts so that they can charge things on the cards for the upcoming holiday season.
Creating a thorough estate plan is crucial to ensuring that your estate and your loved ones are as financially protected as possible under the circumstances. By creating wills and trusts, you can make sure that your assets are passed down in accordance with your wishes. Utilizing powers of attorney and health proxies can help ensure that your best interests are protected in the event that you are suddenly incapacitated and unable to make decisions for yourself.