ESTATE PLANNING

Estate Planning - Protecting Your Loved Ones

Planning your estate is all about making sure your loved ones are protected and provided for and that your estate is distributed how you want it to be, and in the most effective and efficient way. Ptasinski & Smith can help you make those goals a reality for you.


Wills

A Will is very important so that you can decide to who your property will be distributed to at your death. In the absence of a Will the Illinois State statute would apply at death to set forth who will receive your assets (except for jointly held assets or those where a beneficiary is named). A properly drafted and executed Will is crucial to an effective estate plan. In addition to naming the beneficiaries of your estate, your Will appoints who you want to be the executor, designates guardians for minor children, and can establish trusts for children and others who need protection. It is the basic starting point for an estate plan. It can be relatively simple and straight forward in many instances and in others a bit more complicated. It all depends on your particular circumstances. Please contact us and let us know how we can help you.


Lawyer and Client Discussion — Niles, IL — Law Offices of Ptasinski & Smith, PC

Living Trusts 

Living Trusts have become very popular today primarily as a way to avoid probate at your death. Even though the probate process has been streamlined significantly in recent years and made easier, if probate can be avoided at death that is generally preferable. A properly drafted and funded Living Trust can accomplish that. And unlike a Will that does not take affect until your death, a Living Trust is effective  while you are alive, and is very helpful if you become disabled and are no longer able to manage your assets. A Living Trust, just like a Will, can be amended by you at any time, and it can help make the administration of your estate at your death in many instances simple and less stressful for your family. Please contact us for more information about how a Living Trust can benefit you.


Powers of Attorney

There are basically two types of Powers of Attorney in Illinois. One is a Property Power of Attorney where you name an agent who can act on your behalf with respect to property or financial related matters. The other is a Health Care Power of Attorney where you name someone who can make medical decisions for you. Both are extremely to have in place in case you become disabled and cannot make decisions for yourself. Often times if that happens it is necessary to open a guardianship proceeding in Court for the disabled person. Properly executed powers of attorney in most cases avoids the need for guardianship. Just about everyone should have a power of attorney. Please contact us for more information and to answer all of your questions.


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