Estate Planning for Married Couples

I just got down speaking with a married couple regarding estate planning. Typically, a typical estate planning meeting is broken into two parts. The first meeting is to gain basic information such as address, phone number, and who both spouses want to be their Trustee in case of an incapacity or death. Additionally, at the first meeting, we explain the differences between a will and a living trust. Generally, the major differences are a living trust avoids probate court, provides for a smooth transition upon a death or incapacity, and provides privacy protection. Privacy protection is important because often times, a married couple does not want their neighbors snooping into their business. Moreover, a living trust is a private document where as a will is a public document, which means that anybody can look up the contents of your will. A living trust is a private document because only the beneficiaries have a legal right to know the contents of your living trust. The first meeting also considers how your Living Trust should be set up. For example, today's married couple has a underage child that is ten (10) years old. The key question was who should be the guardian of their son in case both parent's decease. Who is an alternative guardian in case your first guardian is not available. Often times, couples put restrictions on their money such as that their child can obtain 1/3 of his inheritance after he completes his four year college degree and receive the rest of his inheritance at ages 30 (1/3), and 35 years old. Part of the estate planning attorney's role is guiding the married couple and giving them options. At the end of the first meeting, generally, we have the basic formula for the estate plan.

The purpose of the second visit is to explain the documents and sign the documents. Additionally, we talk about the importance of transferring one's assets into their living trust. In Illinois, a notary is required to witness the signing of a couple's living trust and supporting documents. At the end of the second meeting, we have a living trust that is signed and all of the major assets are titled in the living trust's name.

Sean Robertson is an estate planning and asset protection attorney. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318.