PETS AND ESTATE PLANNING

If you have pets, there is good reason to be concerned about what happens to them after you pass away. For some of us, our pets are like family. Many times after an owner dies, the personal representative and/or heirs will surrender the pets to a local animal shelter. Sadly, many of our pets are not able to find new ‘forever’ homes.

So what can you do to ensure your pets are cared for?

Select Care Takers

Start by determining who will care for your pet if something happens to you. This could be a spouse, a child, another relative or a friend. Discuss your wishes with your chosen caretaker. Make certain they agree to assume responsibility for your pet. If no one in your life fits the bill, consider a local or national charitable or humane organization.

Determine the Yearly Cost to maintain and care for your Pet(s)

Include language in your Last Will and Testament

Again, you cannot use your will to leave money or property to your pet. If you try, that money or property will be included in your residuary estate,

In addition to providing the name and address of a trustee and successor trustee, a caregiver and successor caregiver (all of whom can be corporations and/or individuals) you will be asked to provide enough information to:

• Adequately identify your pets in order to prevent fraud, such as through photos, microchips, DNA samples, or alternatively, by describing your pet as a “class”—in other words, as “the pet(s) owned by you at the time of your illness/death;

• Describe in detail your pet’s standard of living and care;

• Require regular inspections of your pet(s) by the trustee;

• Determine the amount of funds needed to adequately cover the expenses for your pet’s care (generally, this amount cannot exceed what may reasonably be required given your pet’s standard of living) and specify how the funds should be distributed to the caregiver;

• Determine the amount of funds needed to adequately cover the expenses of administering the pet trust;

• Designate a remainder beneficiary in the event the funds in the pet trust are not exhausted;

• Provide instructions for the final disposition of your pet (for example, via burial or cremation).

Have questions or concerns about your estate planning? Contact us to discuss further:

E.M. Curran Legal LLC

10 Tower Office Park
Suite 314
Woburn, MA 01801
Phone: 781-933-1542
Fax: 781-933-1549

5 REASONS WHY YOU SHOULD HAVE A DURABLE POWER OF ATTORNEY

A Durable Power of Attorney is a document in which you appoint an “Attorney-in-Fact also sometimes called an agent” to do anything on your behalf that you, the “principal” could do for yourself. The Attorney-in-Fact, in effect, stands in your shoes and acts for you on financial, business and other matters.

First Reason….

We cannot predict the future, we do not know what crisis might come our way that might cause us to be temporarily incapacitated.  By having a properly executed Durable Power of Attorney in your well-thought-out estate plan, your Attorney-in-Fact can step in handle your matters on your behalf so there is little interruption and/or impact on your financial and business matters during this period.

Second Reason…

You control who steps in to make the decisions on your behalf during your period of incapacity instead of a court. Your Attorney-in-Fact can be any competent adult that you trust. If you do not have a properly executed Durable Power of Attorney, your family will need to go to the local Probate Court and ask the Court to appointed whomever the Court thinks is appropriate to “step into” your shoes. The Court’s choice may not be your choice.

Third Reason…

Conversations about one’s death are hard to have with loved ones. It is important that you have an open and honest conversation with your loved ones so that they are clear on what your wishes and desires are in general. If you do not have this conversation with them, they cannot do their best by you as they will be guessing.

Sit with your Attorney-in-Fact and explain what the document does and why you think they are the best person for this role.  A Power of Attorney normally, takes effect as soon as the principal signs it. Most people do not intend that their Durable Power of Attorney be used until they are incapacitated. The principal should discuss this with their Attorney-in-Fact so that both parties are clear on what the principal’s wishes are so that they can be carried out without delay or question. 

Fourth Reason…

Just because you appoint someone as your Attorney-in-Fact, does not give them the authority to do whatever they want with your affairs. Giving someone a Power of Attorney does not limit your rights in any way. It simply gives the other person the Power to act when you cannot.

Your Attorney-in-Fact would be your fiduciary. A fiduciary is a person who is held to a high standard of good faith, fair dealing and undivided loyalty to the principal. The Attorney-in-Fact must always act in the principal’s best interest. The Attorney-in-Fact should keep complete records of what they do in case there are any questions of impropriety or bad faith dealing.

A principal may revoke a Power of Attorney at any time. All the principal needs to do is send a letter to his or her Attorney-in-Fact telling the Attorney-in-Fact that their appointment has been revoked. From the moment the Attorney-in-Fact receives the letter, they can no longer act under the Power of Attorney. If want to have proof that this letter was in Fact received by the Attorney-in-Fact, send the letter certified signature required.

Fifth Reason…

Mostly importantly, you are providing yourself and your family members with peace of mind. If you become incapacitated, there is a plan already in place. Your family does not need to rush to court to get authority to perform basic tasks, like paying the mortgage. Knowing this has been taken care of in advance is of great comfort to families.

Have questions or concerns about your estate planning? Contact us to discuss further:

E.M. Curran & Associates LLC

10 Tower Office Park
Suite 406
Woburn, MA 01801
Phone: 781-933-1542
Fax: 781-933-1549
ellen@emcurranlegal.com

YOUR #1 NEW YEAR'S RESOLUTION SHOULD BE GETTING YOUR ESTATE PLAN IN ORDER

So have you ever stopped to think about what will happen if you die? Now I'm talking about the philosophical argument about heaven/hell. I'm talking about what will happen to the people and things you leave behind? Being proactive and planning for your family’s future is a necessity in today’s world. If you do not take the time to plan, the state will step in and dictate what happens to your minor children and your worldly possessions. Wouldn't you rather be in control of what happens? 

In general, most estate plans will include at a minimum a combination of the following legal documents:

Will:

A will can fulfill several purposes. It nominates fiduciaries, provides the fiduciary with the authority they need to act and it disposes of probate assets. The will nominates a Personal Representative who will guide the estate through the probate process.  

Durable Power of Attorney:

A durable power of attorney is a document whereby one person, the principal, appoints another person, the agent or attorney-in-fact, to act as his or her attorney-in-fact. The person serving need not be an attorney so, to some extent, the term “attorney” is a misnomer. The attorney-in-fact, in effect, stands in the shoes of the principal and acts for him or her on financial, business, or other matters.

Health Care Proxy:

A Health Care Proxy is a legal document that allows you to name someone you know and trust to make health care decisions for you if, and only if, you are unable to make or communicate those decisions yourself.

Living Wills:

A living will sets forth the specific written instructions of the principal regarding his or her treatment preferences in various hypothetical situations. Living wills tend to focus on end-of-life situations and decisions about pursuing or terminating treatment, including life-sustaining measures.

Declaration of Homestead:

The Homestead Act allows Massachusetts homeowners to protect their home from future creditors.  The Act was updated and effective as of March 16, 2011. The updated Act allows homeowners to choose between an Automatic Homestead, which is effective without a written declaration and a written Declaration of Homestead. The amount of the Automatic Homestead protection is $125,000. When a written Declaration of Homestead is filed the exemption increases to $500,000. Both the homeowner and his/her spouse must sign the declaration form.

Contact Attorney Curran to discuss your  estate planning options: 

10 Tower Office Park
Suite 406
Woburn, MA 01801
Phone: 781-933-1542
Fax: 781-933-1549
ellen@emcurranlegal.com

ARE YOU PREPARED FOR THE INEVITABLE?

Being proactive and planning for your family’s future is a necessity in today’s world. If you do not take the time to plan, the state will step in and dictate what happens to your worldly possessions. In general, most estate plans will include at a minimum a combination of the following legal documents:

Will:

A will can fulfill several purposes. It nominates fiduciaries, provides the fiduciary with the authority they need to act and it disposes of probate assets. The will nominates a Personal Representative who will guide the estate through the probate process.  

Durable Power of Attorney:

A durable power of attorney is a document whereby one person, the principal, appoints another person, the agent or attorney-in-fact, to act as his or her attorney-in-fact. The person serving need not be an attorney so, to some extent, the term “attorney” is a misnomer. The attorney-in-fact, in effect, stands in the shoes of the principal and acts for him or her on financial, business, or other matters.

Health Care Proxy:

A Health Care Proxy is a legal document that allows you to name someone you know and trust to make health care decisions for you if, and only if, you are unable to make or communicate those decisions yourself.

Living Wills:

A living will sets forth the specific written instructions of the principal regarding his or her treatment preferences in various hypothetical situations. Living wills tend to focus on end-of-life situations and decisions about pursuing or terminating treatment, including life-sustaining measures.

Declaration of Homestead:

The Homestead Act allows Massachusetts homeowners to protect their home from future creditors.  The Act was updated and effective as of March 16, 2011. The updated Act allows homeowners to choose between an Automatic Homestead, which is effective without a written declaration and a written Declaration of Homestead. The amount of the Automatic Homestead protection is $125,000. When a written Declaration of Homestead is filed the exemption increases to $500,000. Both the homeowner and his/her spouse must sign the declaration form.

Contact Attorney Curran to discuss your options: 

10 Tower Office Park
Suite 406
Woburn, MA 01801
Phone: 781-933-1542
Fax: 781-933-1549
ellen@emcurranlegal.com