If you are ahead of the curve in creating an estate plan, great! But it is also important to have it reviewed often. Not only is the law complex, but it also changes constantly. Changing tax law may affect what type of estate plan you need and provide significant benefits for you to take advantage of. New property laws may provide more ways to transfer property after death while also avoiding probate.
 
Similarly, your life circumstances, family dynamics, and property all change over time. A will created twenty years ago may have been perfect for your family at that time, but since then your children have grown up, you may have bought and sold property, and you or your family members may have concerns about your health or finances.
 
It is generally recommended that you review your estate planning every five years to seven years. There are also significant life events that should prompt you to review your estate planning even sooner. These events can include: getting married, divorced, the addition of new children or grandchildren, the death of a spouse, a diagnosis of an illness, or a significant change in your property or finances.
 
To review your existing estate plan, or to start planning your estate, contact my office to set up a consultation.

For me one of the best parts about estate planning is getting to know my clients personally, hear their stories, find out about their family and discover how they want to plan for their future. In an industry that can get bogged down with the legality and legalese of service, it is important to me to make those personal connections with my clients.
 
One of my favorite things is when my clients ask me if they can provide for their pets through their estate plan. The answer is yes. And why shouldn’t you? Your pets are part of the family too. There are a couple different ways to provide for your pets in the future: pet provisions and a pet trust.
 
A pet provision is a specific gift or direction to your Executor or Trustee regarding the care of your pets. One of my clients in Arkansas provided for their pets by naming a caregiver and setting aside a specific cash gift to the caregiver to use for their pets. A provision for your pet could cover anything from appointing a caregiver, gifting cash or other property to be used for the care of your pets, or requiring that your Executor or Trustee choose a no-kill shelter if for any reason no one is able to care for your pets.
 
While a pet provision is beneficial in making your wishes for your pets known, it is often difficult to know whether the provisions will be carried out properly. A better option may be a pet trust. Michigan law recognizes the validity of pet trusts.
 
A pet trust is created by choosing a trustee and a caregiver. The trustee is the person who manages the funds in your pet trust for the care and benefit of your pets. The caregiver is the person who is actually taking care of your pets by providing food, shelter, taking them to the vet, etc. Sometimes the trustee and caregiver may be the same person.
 
Another married couple that I represented had no children, but three cats. They set up a pet trust which provided a fund for the care of the cats, but they didn't know who to name as caregiver. So they added provisions that the trustee of their trust find a suitable caregiver and directed that their home was not be sold for a year or until a caregiver was found, whichever came first.
 
The terms of your pet trust will lay out how much money is going into the trust and specific directions about how your caregiver should care for your pet, such as nutritional requirements and health issues. The amount of money given to your pet trust should be reasonable and be enough to cover for your pet’s needs for the rest of their lives. Take into consideration the life expectancy of your pets as well as any potential health concerns.
 
A pet trust will remain in effect until the last of your named pets passes away. Therefore, you should name a beneficiary to receive the remaining funds in the pet trust, if any.
 
Want to learn more about how a pet trust could work for your family? Contact the office today!