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Don’t overlook pets in your estate plan
It’s OK to admit that our pets are part of our fam- ily — they’ve earned it.
What will happen to your pets when you are gone? It can be hard enough facing the reality that our time is limited, but our pets might very well outlive us. Of course, you should prepare and maintain a current estate plan, preferably a
appropriate agent named in a current power of attorney docu- ment is essential.
Don’t wait until it’s too late
TOM TUOHY
living trust. Doing so will ensure that you
have protected your surviving family mem- bers from unnecessary costs and taxes and prolonged grief. But, after you’ve protected all those investments and properties, what about your constant companions? Protect all of your valuables
The best way to fulfill your wishes is to make formal arrange- ments in a living trust that specifically covers the care of your pet. Above all, leave detailed instructions in your trust and authorize funds to be used at the discretion of the trustee to provide for the temporary care of your animals, the costs for placing the pet in a new home as well as transporting the animal there. We have sample language that you can use in your living trust. Taking care of your affairs includes taking care of your family, and your
pet is part of that family.
A revocable living trust is a written, legal document that al-
lows you to privately and efficiently pass your assets (real prop- erty, bank accounts, stock, saving certificates, personal prop- erty, etc.) to your family, friends or charities after your death — outside of probate court. Remember: all wills are subject to probate. Your life insurance policies and deferred compensa- tion accounts can name your living trust as beneficiary, subject to essential tax considerations.
Tom Tuohy is the founder of Tuohy Law Offices and the FOP Ben- efits Plan. He has been a police lawyer for 36 years. His father was a CPD detective, and his grandfather was CPD Chief of Major Investigations. You can reach Tom at 312-559-8400.
FOP
Benefits Plan
You don’t want to leave your hard-earned assets to chance. Therefore, don’t leave the welfare of your pets to assumptions, either.
According to the Humane Society of the United States, the nation’s largest animal protection organization, if a pet owner does not leave specific plans, most pets are left homeless or in an animal shelter. During the confusion that accompanies a person’s unexpected illness, accident or death, pets are of- ten overlooked. Consequently, a pet may be discovered in the person’s home days after the tragedy. Therefore, to prevent this from happening to your pet, the Humane Society provides these helpful suggestions:
• Find at least two responsible friends or relatives who agree to serve as temporary emergency caregivers if something unexpected happens to you. Provide them with keys to your home; feeding and care instructions; the name of your veterinarian; and information about the permanent care provisions you have made for your pet.
• Make sure your neighbors, friends and relatives know how many pets you have and the names and contact numbers of the individuals who have agreed to serve as emergency caregivers. Emergency caregivers should also know how to contact each other.
• Carry a wallet “alert card” that lists the names and phone numbers of your emergency pet caregivers.
• Post removable “In case of emergency” notices on your doors or windows specifying how many and what types of pets you have. As a result, these notices will alert emer- gency response personnel during a fire or other home emergency. Don’t use stickers; hard-to-remove stickers are often left behind by former residents, so firefighters might assume that the label is outdated or, worse, risk their lives trying to find a pet that is no longer in the house.
• Affix to the inside of your front and back doors a remov- able notice listing emergency contact names and phone numbers.
Your living trust protects your pet
The Humane Society says that all too often, people errone- ously assume that a long-ago verbal promise made by a friend, relative or neighbor to provide a home for a pet will be suffi- cient years later. Even conscientious individuals who include their pets in their living trusts may neglect to plan for contin- gencies in which an estate plan might not take effect, such as in the event of a severe disability. That is when having the most
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