July 19, 2010

What Will Happen to Your Animals?

Posted by Lesly under Florida Pet Trust, Florida Wills & Trusts, Trusts, Wills | Tags: , , , , , , , , |
1 Comment 

What will happen to your pets if you die or become disabled or ill?

I love my pets. They are members of my family.  I know many others that feel the same way and want to make sure that their four-legged, feathered, or finned friends are cared for in their absence.

Pets are considered personal property under the law.  If pets are not mentioned in a will, they pass to your heirs in the same way as any other personal property.  Your family may have no choice but to bring fluffy to a shelter, leaving your treasured pet homeless or worse yet, euthanized.

Proper planning can ensure that your furry family members are cared for in your absence.  Identify and appoint someone to care for your animals.  Speak to the person you choose to make sure that they will step up and handle any special needs your pets may have.  Refer to your pets generally and not by name, so you don’t have to update the will when you get a new animal.  Consider setting aside money for the care of your pets, especially if they have special needs.

Florida law allows you to create a trust for the care of an animal, which terminates upon the death of the animal.  One can name a person to oversee a pet’s new owners and any funds set aside for the care of the pet.

Florida Statutes  736.0408, Trust for care of an animal (2009):

(1)  A trust may be created to provide for the care of an animal alive during the settlor’s lifetime. The trust terminates on the death of the animal or, if the trust was created to provide for the care of more than one animal alive during the settlor’s lifetime, on the death of the last surviving animal.

(2)  A trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is appointed, by a person appointed by the court. A person having an interest in the welfare of the animal may request the court to appoint a person to enforce the trust or to remove a person appointed.

(3)  Property of a trust authorized by this section may be applied only to the intended use of the property, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the terms of the trust, property not required for the intended use must be distributed to the settlor, if then living, otherwise as part of the settlor’s estate

You can also specify other ways you want your pets to be included in your will.  Every will I create has a section on burial or funeral arrangements.  In that section, one may direct the personal representative to have the ashes of a deceased pet be buried with the owner or spread in a particular place.

If you have any specific questions, please contact me.

Lesly C. Longa is an attorney helping Floridians with estate planning and civil litigation.  She has a JD from Boston University and is licensed to practice law in three states.  Please note that the information provided here is not legal advice and does not create an attorney-client relationship.  For legal advice, consult with an attorney.

 

October 15, 2009

Celebrity Deaths: An Estate Plan Wake-up Call

Posted by Lesly under Elder Law, Estate Planning, Family Financial Planning, Money, Probate, Trusts, Wills | Tags: , , , , , , , , , |
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Here is an article from Pennsylvania Estate Planning and Taxation Attorney, Steven J. Fromm:  

Michael Jackson & Farrah Fawcett: Estate Plan Wake Up Call

 

October 14, 2009

The Top 10 Worst Excuses for Not Having a Will

Posted by Lesly under Elder Law, Estate Planning, Family Financial Planning, Money, Probate, Wills | Tags: , , , , , , , , , , , , |
[4] Comments 

There is no excuse for not having a will.  Here are the top 10 excuses and the reasons why you need to write a Last Will and Testament!

     Excuse # 1 – I am so young, I don’t even need a will.  Death is a certainty for everyone.  The only thing we don’t know is when it’s coming.  Unless you have a will, state law will determine how everything you own is devised.  Your will is your way of saying who gets what you own.  Unless you do not own anything at all or are under 18, you need a will.  Now look around and think about who you want to get your stuff.

     Excuse # 2 – I don’t have time.  As someone wiser than me once said, you can sleep when you’re dead.  But, you can’t write a will when you’re dead.

     Excuse # 3 – I don’t own enough. If you own anything, you should decide for yourself who gets it.  Your earthly goods may have little monetary value, but they may have sentimental value.  To prevent family feuds, provide detailed instructions about who gets what personal property and update it often.

     Excuse # 4 – I’m single and don’t have any kids.  If you have no kids or spouse, Florida law dictates that your estate will go to your blood relatives in a particular order (see Florida Statutes 732.103).  Your friends or domestic partner will be left out unless you write a will.   

     Excuse # 5 – I have kids, but my mother will take them if I die.  Without a will, a Judge will decide who raises you kids and controls their inheritance.  All parents need to use a will to choose guardians for their children.  Parents may also appoint one person to care for the children and another person to be in charge of their money.

     Excuse # 6 - My family will know how to distribute my belongings.  Your family does not get first call.  The state does.  If you count your friends, including partners or boy/girlfriend, as family, you definitely need to get a will or they will not be left a single thing by the state.  Not having a will may end up making things more difficult for the family, friends and loved ones you left behind.    

     Excuse # 7 – I own my house jointly with my spouse or a co-owner.  The property you own in joint tenancy or a tenancy by the entirety will pass to your spouse or co-owner.  You likely still have other assets that are titled only in your name or other stuff you want to go to specific people.  Also, use of joint ownership may cause an increase in estate taxes over the joint lives of the married persons, force double probates if you and your spouse die at the same time, raise exposure during life to the debts of the other owner, and cause other hassles about estate taxes.

     Excuse # 8 – I do not need a will because I have life insurance.  Life insurance provides money to the person named as the beneficiary in the policy.  A will is still necessary to dispose of other assets that a person owns at death and name those persons that will inherit those assets.   

     Excuse # 9 – I don’t want to increase probate expenses.  Having a will does not increase probate expenses.  If anything, having a will reduces probate expense.  Even if you have no will, your heirs will still have to go to court to administer your estate.  The procedure for administering an estate is often more expensive than administering a will.  A properly drawn will names the beneficiaries and delineates procedures to simplify the administration process.  Not having a will likely makes this process take longer and cost more. 

     Excuse #10 – I cannot afford to write a will.  Contrary to popular belief, it doesn’t cost much to write a will.  It is certainly not a pleasant thing to think about.  Why not delegate it to a qualified professional?  Many attorneys offer reasonable, flat fees and free consultations.  There is plenty of competition, so if you don’t like one attorney, consult with another one.  Attorneys will ensure that your will is properly executed and will alert you to issues you may not have thought of before (like taxes or health care directives, for example). 

Contact me or share your comments below.

Thinking about making your own will?  Before writing your own will using some do-it-yourself will form kit, read my blog post on the subject, which was featured by The Consumerist, a leading online resource for consumer-driven advice.  Will Form Kits v. Attorney:  Is it worth the money to have an attorney write your will?

 

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