Estate Planning, Don\’t Forget About Your Pet

Legacy APC, A Trusts & Estates Law Firm is a member of the American Academy of Estate Planning Attorneys.

If you’ve attained the age of 18, this estate planning preparation test applies to you.  Why?  Because each and every adult needs an estate plan to protect himself or herself as well as the family.  If you don’t create your own estate plan, the courts and state law will create one for you; and, it likely won’t be what you’ve chosen yourself.

• I have a will, naming guardians and contingent guardians for my minor children.

Yes    No    Don’t Know

• I have stand-by guardianship authorization for my minor children.

Yes    No    Don’t Know

• I have a valid and up-to-date health care power of attorney so my chosen loved ones can make emergency medical care decisions for me if need be.

Yes    No    Don’t Know

• I have a valid HIPAA release so that my medical professionals are authorized to communicate with my health care agents.

Yes    No    Don’t Know

• I have a valid living will so that I am not hooked up to machines if I am in an irreversible coma or persistent vegetative state.

Yes    No    Don’t Know

• I have a valid and up-to-date financial power of attorney so my chosen loved ones can make emergency financial decisions and pay my bills for me if need be.

Yes    No    Don’t Know

• My revocable living trust is fully funded so probate will be avoided.

Yes    No    Don’t Know

• I have the appropriate amount of life insurance so my income will be replaced and last bills will be paid when I die.

Yes    No    Don’t Know

• I have planned to avoid unintentionally disinheriting my children.

Yes    No    Don’t Know

• I have protected my spouse’s and children’s inheritances from predators and creditors.

Yes    No    Don’t Know

• My family knows my wishes for my funeral and burial.

Yes    No    Don’t Know

Unless you can answer “yes” unequivocally to each and every statement, you likely need to have your estate plan updated.  Consult with a qualified estate planning attorney for a review and update.

Legacy APC, A Trusts & Estates Law Firm is a member of the American Academy of Estate Planning Attorneys.

If your furry friend is like a family member, you may want to create a pet trust.  This is a great way to include your pet in your estate planning; and, you’ll know he or she will always be protected and cared for no matter what.

The pet trust is continuing to gain popularity.  We’ve outlined information on pet trusts and why you may want to consider this planning tool.  If you have any questions, or if you’d like to create a pet trust, meet with an estate planning attorney.

What is a pet trust?

This estate planning tool allows you to plan for the future care of your pet by providing instruction and money to carry out the instructions.  The pet trust becomes effective if you are sick and unable to provide care or when you die.

You select a trustee who carries out the trust instructions and a caretaker who will care for your pet.  You can also include detailed instructions on the level of care that is needed.

Within reason, you’re able to decide how much money (i.e. $25,000) you want to leave behind as well as how you wish the money is to be used.  If you include “too much” money for the care of your pet, the court will disallow it.  So, it’s wise to determine the cost of taking care of your pet and paying your trustee and caretaker and keep the trust assets reasonable.

What information can I include in my pet trust?
You may decide to outline your pet’s favorite foods, toys, and activities.  If your pet requires special care, you may also choose to provide medical information and veterinary contact information.

With a pet trust, you’re in full control.  You determine your pet’s future.  

If you want to make sure that your pet is always loved and cared for, a pet trust may be in your best interest.  If you have any questions about using a pet trust, consult with a qualified estate planning attorney.

Legacy APC, A Trusts & Estates Law Firm is a member of the American Academy of Estate Planning Attorneys.