Posts Tagged ‘Pet Trust’

Plan for the unexpected

Monday, December 26th, 2016

We learned today that another celebrity died.  This one was very unexpected and it took everyone by surprise.  That can happen to us too!

So what can we do to plan for the unexpected?

We can make an appointment with our Estate Planning Attorney to find out what sort of plan we need.  Do we need a Will?  Should we have a Trust?  If we have a trust, are we sure that it is funded correctly?  Do we need to re-title our real estate and other assets so that the probate process can be minimized?  Do we want to make contributions to our favorite charity?  Do we have children or pets that we want to ensure are taken care of properly? (and no, the answers are not always the same for everyone)

These are all questions that should be asked and answered by a qualified Estate Planning attorney.

Remember that the Estate Plan is not for you, once you have passed away you are no longer worried about the details.  The Estate Plan is to help your family and loved ones carry on after you are gone.  This is the Plan of how you want your assets to be distributed after you are no longer able to handle these arrangements yourself.

If you have any questions or want more information about Estate Planning, please contact Beavers Law, P.C. at 757-234-4650 to schedule a consultation with one of our attorneys.

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.