Archive for June, 2013

What will happen to my pet?

Sunday, June 23rd, 2013

If you’re like a lot of people, you have a pet that is a real member of your family, just like a child.

We all make arrangements (or we should) for taking care of our children if something should happen to us, but what about our pets?  Our pets can’t go out and find food to eat, or make arrangements to go to the doctor when they are sick.  They need someone to take care of them.

Unfortunately, all too often our pets are taken to the local humane society when we are no longer around or able to take care of them.  The pet is grieving the loss of their family too and they are thrust into a strange environment that is probably not at all like the warm cozy home they were used to.  This can be a terribly sad experience.

And if we can find someone to take care of the pet, there is the cost associated with that care.  Who is going to pay for the food, vet bills, toys, etc.?

A Pet Trust is an estate planning tool that allows for the care of our pets.  Generally, the Pet Trust will designate who will be the person taking care of the pet physically, and can also outline some requirements for taking care of the pet such as making sure the animal goes to the vet at the proper interval, or that the pet be taken to the ‘dog park’ on a regular basis.  The costs for taking care of the pet are generally covered by allocating some asset into the care of the trustee that is to be used for the care of the animal.  If there are assets remaining after they are no longer needed by the pet, those assets are generally then distributed to other beneficiaries.

A pet trust allows the owner to ensure that this special part of their lives is taken care of when they are no longer able to care for that pet themselves.

If you would like to add a pet trust to your estate plan, or if you have any questions about this or any other legal subject, please feel free to give us a call at 757-234-4650 or visit our website at http://www.BeaversLaw.com.

When should I get a Power of Attorney?

Wednesday, June 19th, 2013

I get this question fairly often.  People will ask if they should think about getting a Power of Attorney because they are getting ready to retire, or they have retired, or they are getting close to age 60, or 50….or whatever.

I always give the same answer….The best time to get a Power of Attorney is NOW!

We all think we are going to live forever, but we don’t.  We all think we will be healthy for our entire lives, but often we don’t.  Unfortunately, if you wait too long, you can’t get a Power of Attorney anymore.

In order to get a Power of Attorney, you need to be competent.  That means if you wait until you have dementia, it is too late.  That means if you are in a car accident and in a coma, it’s too late.  That means that if for any reason you are not able to take care of your own affairs, you are probably too late.

A Durable Power of Attorney will allow the person you designate as your agent to take care of your affairs.  That person can write checks to make sure your house payment, utility payments, car payments, credit card payments etc. are all paid on time.  There are also a number of other powers that the document can provide based on how it is drafted.

Some people are afraid to give someone else that authority while they can still take care of themselves, but if you wait until you are not able to take care of yourself, you are usually not legally competent to sign the Power of Attorney.

What can you do?

I often tell people to go ahead and draft the Power of Attorney and then keep it in a safe place until it is needed.  Just because the Power of Attorney is drafted does not mean that you need to hand the paper over to your agent.   You can put the Power of Attorney document in a safe place and let the agent know where it is after it is needed.

Also, remember that the Agent under the Power of Attorney must only do things which are in your best interests.  And if you are still competent, you can watch over their actions.  If you can’t trust the agent to do the right thing while you are there to watch over them, how can you trust the agent to do the right thing when you  are not able to watch over them?

If you have any questions about this or any other legal subject, please feel free to give us a call at 757-234-4650 or visit our website at http://www.BeaversLaw.com.