Attorney Kathryn T. Joseph Takes on the Top Misconceptions of Guardianship
CLEVELAND (PRWEB) June 27, 2018 -- Attorney Kathryn T. Joseph, founder of Kathryn T. Joseph & Associates, provides exceptional technical proficiency and litigation experience in practice areas that include estate administration, elder law, estate planning, probate and guardianships. In order to help those who may find themselves in this situation, Joseph lists the top five misconceptions regarding the ins and outs of guardianship:
No. 1: It is perfectly acceptable to combine the ward’s funds with your own. No, the assets of the ward that are collected by the guardian must be deposited into a separate account that the order and judgement will specify. “This is one of the top misconceptions and mistakes being made,” stressed Joseph. “It is crucial that the judges’ orders for a seperate account are carried out in a timely manner.”
No. 2. Any joint bank account that was owned between yourself and the ward before the guardianship proceeding can be kept. “The accounts must be segregated and divided according to what was contributed by each individual and can then be deposited into the guardianship account,” said Joseph.
No. 3: It is acceptable to borrow from the guardianship account dependent upon the fact that it is returned in a reasonable amount of time. This is never the case, as the ward’s funds may never be used for personal purposes. “This is the most frequent cause of removal and prosecution of guardians,” according to Joseph.
No. 4: You can pay whatever expenses your feel are appropriate and reimburse yourself as needed. The court must approve payment of all expenses even for services provided by lawyers, accountants, financial advisers or the guardian. The expenses to be paid must be reasonable and for the best interest of the ward and the ward’s estate. “You can’t just go purchase things and hire whoever you may want without the proper court approval,” added Joseph.
No. 5: You can sell the ward’s house if it is no longer being inhabited by them. “You must always get permission from the court to transfer or sell real property owned by your ward,” concluded Joseph. “The court will ensure that the real estate is sold for its fair market value and that the sale is in the best interest of the ward.”
About Kathryn T. Joseph & Associates, Inc.
Kathryn T. Joseph & Associates, Inc. provides individuals with the exceptional technical proficiency and litigation experience normally associated with large national firms. Practice areas include estate administration, elder law, estate planning, probate and guardianships. For more information, call (216) 245-0504, or visit http://www.ktjlawfirm.com. The law office is located at Executive Commons West, 29425 Chagrin Blvd., Suite 305, Cleveland, OH 44122.
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