estate planning lawyers

Why You Need Estate Planning Lawyers to Protect Your Future

Posted by Ty Ketlinski on

Understanding the significance of estate planning and the invaluable role that estate planning lawyers play in safeguarding your financial future.

Estate planning is often misconceived as only necessary for the wealthy or elderly, but this mindset can lead to significant future complications. Many people underestimate the importance of an organized estate plan, which can secure a family’s financial future and provide peace of mind. An estate planning lawyer ensures that your wishes are respected and legally enforceable, safeguarding your legacy. Therefore, the importance of having a well-crafted estate plan crafted with professional expertise cannot be understated. In this article, we explore the many facets of estate planning and how lawyers are instrumental in this process.

Understanding Estate Planning

Definition of Estate Planning

A comprehensive overview of what estate planning entails.

Estate planning involves the preparation of tasks that serve to manage an individual’s asset base in the event of incapacitation or death. The planning typically includes bequests of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law. According to CNBC, only about 33% of Americans have put these estate plans in place, leaving the majority at risk of unforeseen outcomes. Estate planning also allows individuals to nominate guardians for minor children and establish arrangements for personal healthcare decisions.

The Importance of Estate Planning

Why estate planning is crucial for financial stability and peace of mind.

Estate planning is crucial as it provides a clear directive on how an individual’s affairs should be handled in their absence. Not having an estate plan can lead to your estate falling into probate, a potentially lengthy and expensive legal process. An effective estate plan also ensures financial stability for your family members, minimizing uncertainties or disagreements that may arise. With just 33% of Americans equipped with a proper estate plan, the need for addressing these matters is more pressing than ever. Through proactive estate planning, you can ensure your intentions are clear and legally binding.

Key Components of an Effective Estate Plan

Identifying the elements that make an estate plan robust and reliable.

An effective estate plan consists of several key elements, including a will, powers of attorney, and advanced directives. Trusts can also play a significant part in this, providing a mechanism for distributing assets in private, outside of probate. Clear designation of beneficiaries is another crucial aspect, particularly in retirement and insurance accounts. Estate planning lawyers help ensure all these components interlock seamlessly to secure your financial and personal interests. By considering future contingencies and life changes, a well-developed estate plan remains relevant and enforceable over time.

Common Misconceptions About Estate Planning

Addressing misunderstandings and myths surrounding estate planning.

A common misconception about estate planning is that it’s only necessary for wealthy individuals. However, estate planning is about more than just financial assets; it’s about peace of mind and preparation for life’s uncertainties. Some people assume that drawing up a will is enough, overlooking the need for a comprehensive estate plan. Furthermore, many individuals are unaware that estate plans need to be updated throughout one’s life. These misconceptions can lead to significant legal and financial complications down the line, highlighting the importance of informed estate planning.

The Consequences of Not Having an Estate Plan

Exploring potential risks and complications that can arise without an estate plan.

Without an estate plan, your finances and assets are subject to state laws, which dictate how they are distributed. This process, known as intestacy, can place undue emotional and financial strain on family members. Additionally, without legal directives, decisions about guardianship of minors and healthcare will be made by courts or unappointed individuals. The lack of an estate plan subjects your estate to probate, which is not only costly but could take years to resolve. Thus, neglecting estate planning can leave your legacy and your loved ones vulnerable.

The Role of Estate Planning Lawyers

Legal Expertise and Knowledge

How lawyers provide specialized knowledge and navigate complex legal landscapes.

Estate planning lawyers are experts in state and federal laws that impact how your estate is inventoried, valued, and taxed. Their specialized knowledge helps navigate the intricate legal landscape, ensuring that every aspect of your estate plan is legally sound. While online tools can aid in estate planning, they often lack depth and fail to account for complex family structures or legal nuances. Lawyers provide the guidance needed to align your estate plan with current legislation and unforeseen legal hurdles. Their expertise is crucial in drafting documents that are comprehensive and court-ready.

Personalized Tailoring of Estate Plans

Customizing estate plans to fit individual needs and family circumstances.

One of the significant benefits of hiring an estate planning lawyer is the customization they provide. Not all individuals have the same financial situations or family dynamics, and lawyers take these particularities into account. They can tailor plans to accommodate unique requirements, such as non-traditional families, business holdings, or philanthropic intentions. Furthermore, estate planning lawyers can anticipate issues that might arise due to divorces, adoptions, or complex family relationships. By closely aligning your estate plan with your life circumstances, lawyers help to ensure your wishes are adhered to accurately.

Navigating Legal Requirements and Documentation

Ensuring all legal processes and paperwork are correctly handled.

The legal paperwork involved in estate planning can be overwhelming without professional guidance. From wills and trusts to power of attorney and healthcare directives, every document must be meticulously prepared and executed. Estate planning lawyers manage these responsibilities, saving clients from potential legal headaches. They also stay abreast of changes in legislation, ensuring all documents remain valid and enforceable. With their precise handling of legal documentation, lawyers help safeguard your estate against future disputes and misunderstandings.

Protecting Your Assets and Reducing Taxes

Strategies lawyers use to safeguard assets and minimize tax liabilities.

Estate planning lawyers employ various strategies to ensure your assets are well-protected and tax liabilities minimized. They offer advice on structuring asset ownership, such as utilizing trusts, which can provide protection from creditors and reduce estate taxes. Lawyers are particularly knowledgeable about gift tax exclusions, charitable contributions, and other legal avenues that can contribute to tax efficiency. They can also advise on ways to forward-plan for potential estate tax changes. This strategic foresight is key to maximizing the value of the estate passed to your heirs.

Updating and Maintaining Your Estate Plan

The importance of keeping your estate plan current and in line with life changes.

Life changes such as marriage, divorce, the birth of children, or changes in financial status necessitate updates to your estate plan. Estate planning lawyers provide invaluable support in these situations, advising on necessary changes and helping implement them. Regular updates ensure that your estate plan remains aligned with your current wishes and complies with changing laws. Lawyers also remind clients about important updates, such as beneficiary changes or shifts in asset ownership. This ongoing relationship ensures that your estate plan remains dynamic and effective.

Avoiding Common Pitfalls in Estate Planning

Overlooking Important Details

How lawyers prevent crucial omissions that could disrupt estate plans.

Overlooking crucial details in an estate plan can lead to significant issues, especially after the planner’s passing. Estate planning lawyers ensure no stone is left unturned, meticulously assessing each component of the plan. Issues such as vague language in wills or overlooked assets can leave room for disputes among beneficiaries. Lawyers use their expertise to anticipate potential areas of conflict, addressing them proactively through precise documentation. This diligence prevents costly legal battles and ensures your estate plan remains watertight. Be sure to reach out to Ketlinski Law Office, PLLC today for more information on our professional estate planning lawyers!

3 Estate Planning Mistakes an Experienced Lawyer Can Help You Avoid

Posted by Ty Ketlinski on

Estate planning is a crucial aspect of financial management that often gets overlooked or misunderstood. Many individuals assume it’s only necessary for the wealthy, while others put it off due to procrastination or a lack of understanding. However, effective estate planning starts with hiring an estate planning lawyer. These professionals ensure that your assets are managed according to your wishes, minimize taxes, and prevent family disputes. An experienced lawyer can help you navigate the complexities and avoid common pitfalls, ensuring a secure future for you and your loved ones.

1. Failing to Create a Will and Protect Your Wishes

One common mistake is not having a will. According to USA Today, 43% of Americans without wills cited procrastination as the reason, while 40% felt they didn’t have enough assets to justify estate planning. This oversight can lead to significant complications and misunderstandings among heirs, potentially causing family rifts and legal battles. A knowledgeable estate planning attorney can guide you through the process of drafting a will, ensuring your assets are distributed according to your wishes and that your loved ones are taken care of.

2. Overlooking Assets That Should Be Included in Your Estate Plan

Another mistake is failing to account for all assets, which can significantly undermine your estate plan. People often forget about digital assets, collectibles, or international holdings, leaving them unaccounted for in their estate plans. An experienced lawyer will help create a comprehensive list of all your assets, ensuring nothing is overlooked. This not only maximizes the value passed on to heirs but also minimizes tax liabilities that might arise from an incomplete estate plan.

3. Neglecting to Update Your Estate Plan After Major Life Changes

Lastly, many people neglect to update their estate plans to reflect life changes, such as marriages, divorces, births, or deaths in the family. An estate plan is not a one-time document but a living one that should evolve as your circumstances change. By regularly reviewing and updating your plan with a lawyer, you can ensure it remains relevant and effective, protecting your interests and those of your beneficiaries over time.

In conclusion, while estate planning may seem daunting, it’s essential for ensuring the financial security and peace of mind for you and your family. Avoiding common mistakes can prevent unnecessary legal complications and emotional distress. By working with an experienced lawyer, you can create a robust estate plan that reflects your wishes and adapts to life’s inevitable changes. Don’t let procrastination or misconceptions about asset value hold you back from securing your legacy. Do you need an estate planning lawyer? Call Ketlinski Law Office, PLLC today.

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3 Ways a Probate Attorney Can Simplify the Process for You

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Dealing with the complexities of probate can be overwhelming, especially during a time of grief. Navigating legal procedures, understanding complex laws, and ensuring compliance are just a few of the challenges faced by executors and beneficiaries. Fortunately, hiring a probate attorney can significantly ease this burden and help you manage the process efficiently and effectively. Their knowledge and experience can provide much-needed reassurance when you’re unsure of the next steps.

1. Streamlining the Probate Process

First and foremost, a probate attorney can help streamline the legal proceedings involved in settling an estate. They provide expert guidance on filing necessary documents and ensure that all paperwork is completed accurately and submitted on time. With legal guidance, you can avoid unnecessary delays and complications, making the probate process smoother for everyone involved. This ensures that critical deadlines are met and that the estate administration proceeds without costly errors.

2. Resolving Family Disputes

Moreover, a probate attorney has the expertise to handle any disputes that may arise during the probate process. Families can sometimes find themselves embroiled in disagreements over asset distribution, executor responsibilities, or the validity of a will. A probate attorney can act as a mediator and work toward fair resolutions, ensuring that the estate is settled amicably. Having a neutral legal professional involved often helps reduce tensions and maintain family relationships.

3. Navigating Delays and Complexities

Additionally, the expertise of a probate attorney is becoming increasingly crucial as the duration of probate cases lengthens. According to IFA Magazine, the percentage of probate cases taking between 21 and 23 months to be granted has increased by 132%. This increase highlights the growing complexities within the process, making professional legal support more vital than ever. With a probate attorney by your side, you can navigate these delays and complexities with less stress. They can also provide strategies to help avoid common pitfalls that contribute to such lengthy timelines.

The value of retaining a probate attorney cannot be understated. They simplify the probate process through expert guidance, dispute resolution, and methodical navigation of legal requirements. You can tackle the challenging aspects of probate with confidence, ensuring that your loved one’s estate is managed according to their wishes, and that the process concludes as swiftly and smoothly as possible. This peace of mind during such a difficult time is invaluable. Ultimately, their support allows you to focus on healing and honoring your loved one’s memory, rather than legal technicalities. Contact Ketlinski Law Office, PLLC for attorney services today.

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How Elderly Care And Estate Planning Lawyers Can Assist Your Future

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As we navigate the complexities of aging and securing our family’s future, the guidance of elderly care and estate planning lawyers becomes invaluable. These professionals help in making informed decisions that can protect your assets, uphold your future desires, and provide peace of mind to both you and your loved ones. Addressing vital issues such as healthcare, asset distribution, and legal rights, they ensure that your later years are spent with the dignity and security you deserve.

Prepare Documents

One of the crucial areas where elderly care and estate planning lawyers provide assistance is in preparing comprehensive legal documents. They help draft wills, trusts, and powers of attorney, making sure that every detail is perfectly aligned with your wishes. This becomes especially important to avoid any legal conflicts or discrepancies that could arise when managing your estate, thereby ensuring that your legacy is protected and your heirs are taken care of.

Prevent Financial Abuse

Elderly care and estate planning lawyers play a significant role in safeguarding against financial abuse, a prevalent problem among seniors. According to ConsumerAffairs, elderly Americans lose nearly $36.5 billion every year due to financial abuse. Lawyers adept in elder care know how to recognize the signs of financial exploitation and put measures in place to prevent this from happening, securing your finances from those who may take advantage.

Navigate Complexities

Another crucial aspect of their support lies in navigating the complexities of healthcare decision-making. As our medical needs evolve with age, having legal directives in place for healthcare choices can be paramount. These lawyers can help set up advance healthcare directives and living wills, legal instruments that ensure that your medical preferences are respected even when you cannot voice them yourself, thus alleviating the burden on family members during difficult times.

The expertise of elderly care and estate planning lawyers provides a firm foundation for planning a secure future. By drafting essential documents, preventing financial abuse, and ensuring your healthcare wishes are honored, they offer comprehensive support tailored to your specific needs. Seeking their counsel gives you peace of mind and the assurance that your future, as well as that of your loved ones, is protected and respected. If you’ve begun researching estate planning lawyers, reach out to Ketlinski Law Office, PLLC to get started with a consultation!

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How to Plan Out Your Living Trust for Your Grandchildren

Posted by Ty Ketlinski on

As you look toward the future, ensuring the well-being of your grandchildren is likely a top priority. Creating a living trust is a wise step in securing their financial future and safeguarding their legacy. Whether you’re looking to ease the process of wealth transfer or minimize estate taxes, a well-structured living trust can help provide peace of mind for both you and your loved ones.

Understand How a Living Trust Works

First, it is crucial to understand what a living trust entails and how it functions. Unlike a will, a living trust allows you to transfer assets to beneficiaries without the need for probate, which can be a lengthy and costly process. By establishing a living trust, you maintain control over your assets during your lifetime and designate how they will be distributed after your passing. This flexibility can be particularly beneficial as you plan for the future needs of your grandchildren.

Consider Demographic Trends

As you consider setting up a living trust, it’s important to keep demographic trends in mind. The aging population is on the rise. According to ConsumerAffairs.com, experts predict that seniors (people who are 65 and over) will make up 23% of the country by 2050. With these projections, the likelihood of policy changes in estate planning and healthcare increases, making a living trust a prudent addition to your estate plan and ensuring that your grandchildren benefit from your foresight.

Determine Your Current Assets

Another essential step in planning your living trust is to determine the assets you wish to include. This may involve reviewing property, savings accounts, investments, and any priceless family heirlooms that hold sentimental value. Consulting with an estate planning attorney can help you navigate the intricacies of selecting and valuing these assets. Additionally, they can aid in drafting clear instructions for their management and distribution to your grandchildren, ensuring that your wishes are faithfully carried out.

Establishing a living trust for your grandchildren is a significant step toward preserving your financial legacy. By considering the details that go into creating a trust and the broader demographic implications, you can ensure a smooth and effective transfer of assets. A well-planned living trust will not only foster security but also demonstrate your enduring commitment to your grandchildren’s future. For more information or assistance in creating a living trust, contact Ketlinski Law Office, PLLC, today!

3 Benefits of Consulting With an Estate Planner

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Planning for the future is a crucial aspect of financial security and peace of mind. Many people underestimate the importance of a comprehensive estate plan, thinking it’s only for the wealthy or the elderly. However, consulting with an estate planner can be beneficial for anyone, regardless of age or financial status. In this article, we will discuss the various benefits of seeking professional advice when crafting a robust estate plan.

1. Distribute Your Assets Correctly

Firstly, working with an estate planner ensures that your assets are distributed according to your wishes. An estate planner comes equipped with the knowledge and expertise necessary to navigate complex inheritance laws, helping you craft a plan that minimizes disputes among beneficiaries. Without a proper estate plan, your assets might be distributed based on state laws rather than your personal wishes, potentially leading to family conflicts and prolonged legal battles.

2. Protect Your Assets

Secondly, an estate planner can help you minimize tax liabilities and protect your hard-earned wealth. They are well-versed in strategies to reduce estate taxes, ensuring that a larger portion of your wealth is passed on to your heirs. The long-term savings in reduced taxes and legal fees can far outweigh this initial investment. Thus, consulting with an estate planner can be a wise financial move.

3. Avoid the Probate Process

Another key benefit of consulting with an estate planner is avoiding probate. The probate process can be long, tedious, and expensive, often causing unnecessary stress for your loved ones. An estate planner can help you set up trusts and other mechanisms to ensure that your assets bypass probate, allowing for a smoother transition and quicker distribution to beneficiaries. This efficient transfer of assets can significantly relieve the burden on your family during a challenging time.

Consulting with an estate planner offers numerous benefits, from ensuring your wishes are honored to minimizing taxes and avoiding probate. The guidance of a professional can provide you and your family with peace of mind, knowing that your estate is in good hands. Investing in an estate plan may require an upfront cost, but the long-term advantages and financial security it provides make it a worthwhile consideration for everyone. According to CNBC, only about 33% of Americans have estate plans in place. However, an estate plan is a sound investment at any time.

Are you looking for an estate planner in Idaho? Here at Ketlinski Law Office, PLLC, we’ve helped families with estate planning for over 25 years. Contact us today to schedule your consultation.

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3 Signs You Might Need a Probate Attorney

Posted by Ty Ketlinski on

The loss of a loved one is always a difficult time, and the complex legal processes that follow can add to the stress. Probate, the court-supervised process of distributing a deceased person’s estate, may seem overwhelming for those unfamiliar with it. A probate attorney can help navigate this intricate process, ensuring that the decedent’s wishes are honored and their affairs are properly managed. Here are some signs that you might need a probate attorney.

1. Absence of a Will

One clear indication that you might need a probate attorney is if the deceased did not leave a will. Without a will, the estate is considered “intestate,” which can lead to complexities as state intestacy laws dictate how the estate is distributed. This often requires interpretation and guidance from a legal expert to ensure all assets are appropriately handled and heirs receive what they are entitled to.

2. Lack of an Estate Plan

According to CNBC, 67% of Americans do not have an estate plan in place, which can cause many problems for the loved ones they leave behind. Without an estate plan, resolving matters such as debt settlements, asset distribution, and even personal wishes can become highly contentious. A probate attorney can mediate these disputes, ensuring a fair and legally sound resolution is achieved.

3. Contested Wills and Beneficiary Disputes

Another important sign is the existence of contested wills or disputes among beneficiaries. If family members or other beneficiaries disagree on the terms of the will, or claim the will is invalid, this can lead to protracted legal battles. A probate attorney specializes in resolving such disputes, helping to avoid unnecessary conflicts and ensuring the probate process proceeds smoothly and efficiently.

Probate can be a convoluted and trying process. If you find yourself dealing with intestacy, a lack of an estate plan, or contentious disputes among beneficiaries, securing a probate attorney is important. Their expertise can safeguard against mismanagement and disputes, ensuring that the deceased’s estate is handled with the care and respect it deserves. By recognizing these signs early, you can make informed decisions to protect the interests of all parties involved. Be sure to reach out to Ketlinski Law Office, PLLC today for consultation from a top probate attorney.

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4 Services Estate Planning Attorneys Can Provide

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Estate planning is crucial to ensure your estate is handled per your wishes after death. Most people think estate planning only involves writing a will, and many don’t think they need one. However, there are several services estate planning attorneys can help you with. This article will review everything you need to know to ensure your wishes are respected.

1. Writing Wills

Estate planning lawyers are commonly utilized to help people draft wills. Wills are an essential part of the estate planning process, even if you don’t realize it. According to Caring.com, more than 30% of people without a will don’t think they have enough wealth to leave anything behind. However, wills can also address guardianship of children who get something particular, such as books or family heirlooms. This is a great way to ensure any property is handled like you want.

2. Understanding Laws

Working with an attorney is crucial when it’s time to plan your estate. A professional can give you legal advice to ensure your items are protected. For example, if you wish to protect your assets from frivolous family members, a lawyer can help you discover a way. These laws vary per jurisdiction, so seeking professional advice is essential to ensure everything goes to your desired heir.

3. Lowering Taxes

Inheritances are lovely, but it’s important to remember that many heirs must pay taxes on their inheritance. If you aren’t experienced and plan your estate alone, there’s a significant chance your heirs will pay higher taxes. A professional will help you discover ways to reduce your heir’s tax liability to quickly transfer wealth without giving substantial portions to the government.

4. Creating Trusts

Trusts are a standard tool to help protect your assets. A living trust can protect your assets while you are alive, and it can be used by your heirs to help learn wealth management. A trust is a beautiful tool upon your death to protect your assets and ensure they are handled how you want them. A professional can help you learn about trusts and establish the best one to suit your needs.

As professional estate planning attorneys, we understand that many people don’t think planning their estate is important. However, it’s crucial to avoid probate and ensure anything you own goes to the heir you would like it to. Contact us at Ketlinski Law Office, PLLC to schedule an appointment today.

4 Reasons to Hire an Estate Planning Attorney

Posted by Ty Ketlinski on

Most people don’t want to think about death, and this is one of the main reasons why estate planning often gets put off for prolonged periods of time. Another reason people put off this important job is because they think that estate planning is only for the very wealthy. According to Caring.com, over 30% of people without a will don’t believe they have enough wealth to leave behind. In reality, this is a crucial type of future planning that everyone needs to take care of, no matter how much money you have and no matter how uncomfortable it makes you. An estate planning attorney can help you with this challenging task. Here are a few benefits of working with this professional.

1. Estate Planning Knowledge

You should work with a lawyer because they will have the estate planning knowledge necessary to get your affairs in order. There are a lot of legal details that go into even a simple will with few assets. If you have more assets or a good bit of wealth, it’s even more important that you have your details in order. This can prevent any confusion or legal issues in the future when you pass away.

2. Professional Advice

Another important service that an estate planning attorney can provide to you is professional advice. Estate planning involves many moving parts and one size doesn’t fit all. This professional will be able to offer you advice based on your particular set of circumstances. They may be able to answer complicated questions for you and help guide you on what decisions would be best for your wealth, assets, and other topics.

3. Industry Resources and Connections

In addition to the above-mentioned benefits, an attorney will also have access to industry resources that can make estate planning easier and simplified. They will have access to professional connections in other industries that may be able to assist you.

4. A Helping Hand Along the Way

One of the most beneficial things that an attorney can offer you is a helping hand along the way. For many people, estate planning is an emotional task. You are forced to take inventory of your entire life and face the reality of death. These are heavy topics to handle. These professionals have spent years helping people walk this path and they can help you too.

These are just a few of the benefits you’ll see when you hire an estate planning attorney. If you’re looking for legal professionals in your area, please contact us today at Ketlinski Law Office, PLLC.

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What to Know About Hiring Probate Attorneys

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A lot of people want to leave a legacy behind. Unfortunately, some don’t think that they will be leaving anything worthwhile. According to Caring.com, 30% of those who don’t have a valid will feel that way. Probate attorneys can help, but here are some things to know about hiring them.

They Can Help in a Lot of Ways

One of the best reasons to hire probate attorneys is to help you get access to the estate of the deceased a lot faster. They can reduce the time it takes to do the process from 24 months to as few as three months, as seen by our team. That’ll reduce a lot of stress among family members. When it comes to wills and estates, there can be a lot of infighting and conflict. An estate attorney can keep that to a minimum and prevent any power grabs by a particular family member. This is another way that they can smooth out the process and keep anyone from possibly dragging it out.

They Protect the Estate From Legal Claims

Any attorney you hire will have one other specific mission: protect the estate from any claims against it from other parties. Let’s say that someone wasn’t included in the will, and they feel that they should have been. The attorney will be a party that is fighting for the people already on the will, so that can speed matters along.

They Will Keep Your Paperwork and Finances Organized

There are several other things that they can do. They will make sure that all the paperwork has been properly done and submitted. They will resolve all debts and keep the estate from being rejected by the probate court. Most of all, they can help you save money, since the probate court can be very convoluted, and you don’t want to make a mistake and wind up having to pay more than you should have.

Dealing with things like wills and the handling of estates can be very emotional. There can be a lot of friction, and things can get heated. Having a member of the law there can help soothe tempers and get things back on track. That peace of mind will be worth it. Are you looking for probate attorneys in your area? We’re a firm that does all sorts of estate planning, elder law, and living wills. Contact Ketlinski Law Office, PLLC today to learn more.