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Palos Power of Attorney | Palos Power of Attorney Letter

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Uploaded on Sep 11, 2011

http://www.wealth-counsel.com

Hi, my name is Tom Olofsson and I'm an estate planning attorney. I serve clients in the Palos area. Thank you for visiting my website. I have something very special that I'd like to give you, but first I'd like to tell you a little bit about my practice.

What is Guardianship?

Guardianship is the process where the assets of a person have been declared disabled or incompetent, incapacitated where those assets are overseen by the court. The court puts someone in charge, the judge names a person and they are called the guardian who manages assets for the person who is incapacitated. So if your husband or wife has had a stroke or if some illness like that where they can no longer make decisions for themselves then you may be put in charge of their assets which sounds funny to say because aren't they really both of your assets? Yes and no. If there were assets in that person's name alone, so if your husband had his own checking account with no one else's name on it the judge may very well put you in charge of that money, but he's also going to want accounting of what you did with that money.

If your home is in both names, homes are different. They are seen as real estate as special in the law. If your spouse has a stroke or serious incapacity and the judge puts you in charge of their estate, their guardianship estate then you are expected to account for what you did with their half of the house. This is something that is really inconvenient and unnatural for their spouses to do a report on what they did with their own home to a judge. So avoiding guardianship is really something that we try to do. Sometimes we can't avoid it and sometimes it really is a good tool to use, but if there is a way to avoid it we usually do that. Having your home in a living trust is one of the easier ways to avoid probate --excuse me, to avoid guardianship and we really recommend that you avoid guardianship if possible.

Now what I'd like you to do is go to my website and find out how you can get a free review of your existing trust documents to see if they come up to our standards. I can also arrange for you to get free access to twenty videos that answer your most often asked questions. They give you some guidance as to what you should be looking for. Now if you don't have existing trust documents or you have a particular question that has been bothering you, you're welcome to call my phone number which is 773-905-1193 and we'll set up a complimentary consultation.


http://www.wealth-counsel.com

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