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Protecting Your Finances – How Powers of Attorney Can Help

Many people think of an estate plan as something that is used after death, however, that’s often not the case. A proper estate plan involves more than just a Will. A Power of Attorney for Property will identify who can make your financial decisions for you, should you become incapacitated.

A Revocable Living Trust can designate how you want your money to be distributed, even while you are still living. Why are these two things so important? Ask yourself these questions:

  • How do I want to spend my time if I become ill?
  • Who will take care of paying my bills if I can no longer do so?
  • Where would I want to live?
  • Would I rather live in a nursing home, or at home with a caregiver?

If you don’t have an estate plan, and you are unable to make decisions for yourself, these questions are in the hands of someone else.

A lack of planning in the financial area can have a major impact on how you spend the end of your life. Chicago estate planning and Chicago elder law attorneys have seen the consequences of individuals NOT having these discussions before a major incident.

Estate planning attorneys will often complete Powers of Attorney for Health Care and Property, Wills, and Trusts for a reasonable set fee. This is far less costly than a potential guardianship battle or going to probate court after the person has passed away. Starting these discussions may not be easy, but studies show that planning in advance actually lowers stress, not only for the individual, but for their families, as well. To contact one of the experienced attorneys at Peck Ritchey, LLC, call (855) 328-5787.