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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 (312) 201-0900.

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Attorney Kyle Fahey handled our matter with skill and professionalism, and was always responsive. 10/10, would work with him and the firm again.

–Jon T.

The peace of mind that Peck Ricthey's office has given me is worth every penny. The services they provided me and my family in an emergency medical situation is beyond outstanding. Last minute notice, Peter Brady and team were compassionate, understanding and most importantly efficient and got the job done. Look no further if you have any needs that this office can provide for you. Definitely in good hands! Thank you, a thousand times over for all of your help.

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Very responsive and knowledgeable at handling our brother’s estate. Would definitely recommend!

–Ralph C.

I solicited Peck Ritchey, LLC for assistance with a living trust for which I became the beneficiary. I needed assistance with understanding the details of how it all worked. However, I was especially concerned because there were threats of allegations made by family members and a lawsuit was filed against me. I needed a solid professional who had my best interests in mind. Peter Brady took my case and he managed it flawlessly. He explained everything in a way I could understand, he knew the law inside and out, he was always available to answer questions, and even offer support when things seemed like they could become extremely problematic. In addition to this, he had a plan. He navigated the course as if he already knew the next move by the opposing attorney. He made me feel like everything was in control and that’s because he knew exactly what he was doing and he consulted with me about everything. We ended up settling out of court and ultimately the court officially dismissed the lawsuit. I honestly believe if it wasn’t for Peter and his expertise this could have gone in an entirely different direction. Peter did a stellar job and I couldn’t be more pleased and impressed with his performance.

–John T.

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