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Thanks Diane. I have managed a bit of surfing since my post and
can share the following: On June 29, 2006, the governor passed S.B. 660, adopting the Pennsylvania Uniform Trusts Act, including 20 Pa. C.S. Section 7738 (reproduced below), based upon UTC §408, effective on October 27, 2006. (Act No. 98, Section 16(3).) http://www.estateplanningforpets.org/legal-statutes-PA.htm For links to similar statutes in other states: http://www.estateplanningforpets.org/legal-statutes.htm An excellent article was also found at: http://www.peaceablekingdomac.com/without_you.htm I was also thrilled to stumble across this tidbit: Maine passed legislation in March of this year allowing animals to be included in protection orders in domestic violence cases. It seems that many men who abuse wives or girlfriends threaten or harm their animals to coerce or control the women. (Kudos to Maine!!!!) http://lawprofessors.typepad.com/trusts_estates_prof/new_legislation/index.html I am a bit worried about the costs of maintaining a trust - we certainly won't have a sizeable estate - but hope we can do something sensible. Diane Rosenfeldt wrote: I'm not a lawyer, but am a legal secretary who has done a bunch of trust and estate work, and even though I can't give legal advice I can at least provide a little info. Are you considering a trust? Where I work, it's rare for people to have a Will without a trust, but then, these are rich people. :-). The downside to trusts is there are ongoing administrative expenses like annual tax preparation, which hopefully would be more than defrayed by the interest generated by the funds in them. THIS is the big advantage of a trust, that it continues to generate income as long as there are sufficient funds to make administering it worthwhile.The general procedure is to make a very simple Will that leaves everything to the trust. That accomplishes a couple of good things: it makes the Will very straightforward and lessens the possibility of being challenged. It also prevents your estate from going through probate, which is a really good thing if there are relatives or others you would rather not know your bidness, even in death. In probate, your Will and your assets are open for inspection by anybody who wants to. You can get really specific in a trust, setting up any number of subtrusts for any number of purposes. You could set up a separate subtrust for your pets, to be administered by someone you trust implicitly, or someone disinterested like a banker or lawyer, or a combination of both, and you can get really particular about how that fund is spent. And if you've got a good trustee who knows how to invest the money, it will easily outlast any pet you provide for. You might even be able to specify that after all your pets are deceased, the money goes to an animal charity -- removes any incentive to hasten their demise. Of course, you have to double check the laws of your state on all this, but if you can find a lawyer who does this kind of thing, as Marylyn suggests, (s)he should know all about this. Hope this helps. Diane R. -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED]]On Behalf Of Evan & Dee Sent: Tuesday, August 29, 2006 6:28 PM To: [email protected] Subject: Off Topic - wills and trusts Sorry if this is a bit off topic but would greatly appreciate any advice folks have to offer. We are meeting with our attorney tomorrow to draw up wills (long overdue) and are stumped as to how to provide for our four legged family members in the event we both pass at the same time. We really don't have friends or family that truly comprehend what we mean when we say they are family members - we have no lower expectations for their care and well being than we do our own - and we want to be sure that continues when we pass. We don't want to have our assets tied to our kids (I.E. a portion of our estate goes to so-and-so for the care of our kids - how do we know they won't just spend the money and then, if there's a medical emergency, euthanise them because it costs too much to provide care?) The thought of our family not being properly cared for is very unnerving. Thank you for taking the time to read and any suggestions are greatly appreciated ~ Evan & Dee |
- Re: Off Topic - wills and trusts Evan & Dee
