Estate Planning: More Important Than Ever
July 10, 2020
The uncertainty caused by the COVID-19 pandemic underscores the urgency of creating or updating your estate plan. Estate Planning allows you to decide how your financial, personal, and medical decisions will be handled if you become seriously ill, incapacitated, or die. This guidance helps your heirs understand your wishes.
Health Care: Who Will Make Decisions When You Cannot?
Serious health problems can strike without warning. Worried family members may not know what treatment you wish to receive. Signing a Power of Attorney for Health Care and creating a Living Will allow your agent to follow your instructions and make decisions about your medical treatment.
You should name a trusted person such as a family member or close friend to make those decisions about your care. Be sure to pick someone who is willing and able to follow your wishes, even if they disagree with them.
Finances: Untangle Your Assets and Avoid Probate
Personal finances are complicated – especially after incapacity or death. Signing a Power of Attorney for Property will ensure you have an agent you trust taking care of your affairs during your lifetime in case something happens to you. Creating a Will enables you to determine who receives your assets at death. Adding a Living Trust to your plan simplifies the process of settling your estate and avoids Probate – meaning more of your money goes to your beneficiaries, and less to court fees and administration costs!
Plan for the Future: Embrace the Present!
Compiling your information regarding financial accounts, legal paperwork, and other documents and placing in a secure location will make it easier to carry out the instructions in your Power of Attorney, Trust, and Will in a timely manner.
HOW WE CAN HELP
Often considered an end-of-life task, Estate Planning can be so much more, so much earlier! Take this opportunity to organize your important information, evaluate your assets, and plan how you want them to be handled now and in the future.
Today is the perfect time to establish or review your plans. Here at Strzalka Law Office, we can assist with preparing or amending the important legal documents you need.
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Power of Attorney for Healthcare |
Designates someone to make important decisions about your medical treatment if you become incapacitated.
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Power of Attorney for Property |
Designates someone to manage your financial matters if you become incapacitated.
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Living Will |
Declares your wishes regarding life-sustaining procedures during a terminal illness, coma, or vegetative state. Instructs your doctor on how to proceed.
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Will |
Instructs your executor on how to distribute your assets upon your death.
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Living Trust |
Instructs your trustee on how to manage your assets upon your incapacitation and eventual death.
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Disposition of Remains |
Appoints an agent to carry out your wishes for your bodily remains.
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Call our office at 773-631-9215 or email us at StrzalkaLaw@maslawoffice.com to set up an appointment to discuss your Estate Planning needs.
Strzalka Law Office
6650 N. Northwest Hwy
Suite 106
Chicago, IL. 60631-1362
Phone
773-631-9215
Fax
773-631-9219
StrzalkaLaw@maslawoffice.com
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© 2022 Strzalka Law Office /// Nothing on this website is intended to constitute legal advice and should accordingly not be treated as such nor relied upon. All statements are for informational purposes only and may or may not apply to your specific situation. For individualized legal advice, contact us directly, or speak with another qualified professional.
