Thursday, July 2, 2015

Pay First

Meg has been appointed her father’s guardian after his debilitating rock climbing accident.  Before she is allowed to act as his guardian, however, she must purchase a bond to insure that she will faithfully discharge her guardianship duties.

Illinois law usually requires that every individual guardian purchase a “bond,” which is generally an insurance policy complete with premiums to be paid.

A Guardian’s Bond can be a significant expense for Meg, depending on how much personal property Wes owns, which includes all of his money and property except real estate.  Illinois statutes require that the bond be for 1½ times the total value of the personal property subject to guardianship.

The easiest way to avoid the unnecessary premium expense for a bond for guardian was to have planned ahead.  If Wes had previously made a Power of Attorney or other formal document that designated Meg as his preferred guardian and also waived the necessity of bond for her, then Meg would not have to pay a premium for it now from her father’s assets.

Estate planning can avoid certain expenses even during life when you are still around to be affected by how your money is spent.  For help planning your own estate, call our office at (815) 436-1996 for an appointment.

© 2015 Gruber Law Office, Ltd.

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