There are 5 documents that every responsible adult needs.  We all know that life happens and unfolds in unpredictable ways and sometimes  events can place us in unfortunate circumstances.
In a nutshell, these documents speak for you when you cant.   These important legal papers let your family and friends know your decisions about critical issues such as: what you want done with your property, how you would like your children to be raised, end of life decisions,  and much more.

Here are the 5 Documents:

• Living Will
• Durable Power of Attorney for Healthcare
  
• Financial Power of Attorney
• Will and/or Trust
• List of Assets

Living Will – A living will is a simple statement of what you would like done during the final days and hours of your life.  If you would like to be allowed to die without heroic medical efforts being made to keep you alive then a living will is an important part of your medical chart.

A living will is limited. It only controls your medical care when you have an incurable illness or injury that will lead to your death over the next few hours or days. If you are seriously injured but are not likely to die from your injuries then your doctor and your family will look to your power of attorney for healthcare for guidance.

Durable Power of Attorney for Healthcare – A healthcare power of attorney is more powerful than a living will. The living will is a piece of paper containing a brief statement of your end-of-life wishes. A Power of Attorney allows you to choose a person who will stand in your place, to talk with your doctors, and decide what care you should receive. The person named to make decisions is called an “agent.” Getting copies of medical records has become particularly difficult in the last few years. The Power of Attorney for Health Care also allows your agent to access your records.

Financial Power of Attorney – This document allows you to appoint someone as your agent.  Your agent can go to the bank for you and can make financial decisions on your behalf. Your agent will also be able to talk with utility companies (phone, light, gas) and conduct other business for you.

List of Assets – To make things easier on your family it is important to have a written record of what assets you have and where they can be found. It does not do any good to have a millions dollars in the bank if your family does not know you have it or which bank it is in.

Will - A will is instructions to the probate court. It tells the judge who should receive your property, who should raise your young children, and who should act as your representative in court. A will must be filed in the court after a person dies. The court would then have control over how assets are handled.

Trust – Your trust controls your property when you are incapacitated and after you are gone.  It can help insure that your children or grandchildren stay in school, help them open a business, and help carry out any other special plans you have. It is designed to do all of this without the need to go to court. This will likely save time and money for you and your loved ones.

Here is how to contact me anytime.

My office phone is (773) 905-1193

My office is located at 9924 S. Walden Parkway, Chicago, Illinois 60643

You can contact me instantly by e-mail at: tom@mytrustlawyer.com

At its most basic, a trust is a relationship between 3 people. These people are called the Grantor, the Trustee, and the Beneficiary.

• The Grantor sets up the trust and puts property into the trust.
• The Trustee is the manager of the trust.
• The Beneficiary is the person who benefits from the trust.

The relationship between Grantor, Trustee, and Beneficiary is called a trust relationship. The paper documents help to make sure that all of the parties involved know exactly what is expected of them.

Example:  When I gave money to my mother and asked her to buy my father a gift on their last vacation. I was the Grantor because it was my money that went to buy the gift. My mother was the trustee because she decided what to buy and when to buy it. My father was the Beneficiary because he got the gift.

The Grantor and the Trustee can be the same person. In fact the same person can be Grantor, Trustee, and Beneficiary. This is common when a Living Trust is created. The person putting the property into the trust can manage it himself for his own benefit.

Example: If Mr. and Mrs. Smith set up a trust they would put their property into the trust they would be the grantors of the trust. It is very common for people setting up a trust to decide to stay in control of the property they have put into the trust. In order to be in control of the trust assets the Smiths would name themselves as the trustees of the trust.

Since Mr. and Mrs. Smith will use the assets in the trust for their own needs, they are also the beneficiaries of the trust. In this case the Smiths are grantors, trustees, and beneficiaries of their trust.

Mr. and Mrs. Smith can name someone to take over management of the trust incase they become ill or die. This “successor trustee” may be a family member, a trusted friend, or a professional trustee. The successor trustee would have all of the same management powers that the Smiths had. The Smiths would also name future beneficiaries so the trust property will pass to them when both Mr. and Mrs. Smith have died. Since these matters have already been agreed upon, probate proceedings can be avoided.

Contact me.

My office phone is (773) 905-1193

My office is located at 9924 S. Walden Parkway, Chicago, Illinois 60643

You can contact me by e-mail at: tom@mytrustlawyer.com

Elder Law is a broad category of legal practice. It encompasses many of the issues that are important to Seniors and to their families. It touches upon several areas and combines them into a unified approach to the way a Senior interacts with her family, with her estate, with the government, with medical care providers, and with her community.

The main areas that we explore with our Senior clients include:

• Wills and Trusts
• Guardianship for Disabled Adults
• Nursing Home and Assisted Living Contracts
• Elder Abuse and Neglect
• Medicare and Long-Term Care Insurance
• Planning for Incapacity
• Understanding a Long-Term Care Resident Contract

Contact me.

My office phone is (773) 905-1193

My office is located at 9924 S. Walden Parkway, Chicago, Illinois 60643

You can contact me by e-mail at: tom@mytrustlawyer.com