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Read about estate planning and trusts by browsing the blog posts of The Law Office of James Hogan PLLC in Palm Beach Gardens, Florida.
4 Estate Planning Must-Haves for Unmarried Couples—Part 1
4 Estate Planning Must-Haves for Unmarried Couples—Part 1
Estate planning is often considered something you only need to worry about once you get married. But the reality is every adult, regardless of age, income level, or marital status, needs to have some fundamental planning strategies in place if you want to keep the people you love out of court and out of conflict.
In fact, estate planning can be even more critical for unmarried couples. Regardless if you’ve been together for decades and act just like a married couple, you likely aren’t viewed as one in the eyes of the law. And in the event one of you becomes incapacitated or when one of you dies, not having any planning in place can have disastrous consequences.
If you’re in a committed relationship and have yet to get—or even have no plans to get—married, the following estate planning documents are an absolute must:
1. Wills and trusts
If you’re unmarried and die without planning, the assets you leave behind will be distributed according to your state’s intestate laws to your family members: parents, siblings, and possibly even other, more distant relatives if you have no living parents or siblings. The state’s laws would provide NO protection for your unmarried partner. Given this, if you want your partner to receive any of your assets upon your death, you need to—at the very least—create a will.
A will details how you want your assets distributed after you die, and you can name your unmarried partner, or even a friend, to inherit some or all of your assets. However, certain assets like life insurance, pensions, and 401(k)s, are not transferred through a will. Instead, those assets will go to the person named in the beneficiary designation, so be sure to name your partner as beneficiary if you’d like him or her to inherit those assets.
However, there could be an even better way.
Although wills and beneficiary designations offer one way for your unmarried partner to inherit your assets, they’re not always the best option. First and foremost, they do not operate in the event of your incapacity, which could occur before your death. In that case, your partner may not have access to needed assets to pay bills, or he or she could potentially even be kicked out of your home by a family member appointed as your guardian during your incapacity.
Moreover, a will requires probate, a court process that can take quite some time to navigate. And finally, assets passed by beneficiary designation go outright to your partner, with no protection from creditors or lawsuits. To protect those assets for your partner, you’ll need a different planning strategy.
A far better option would be to place the assets you want your partner to inherit in a living trust. First off, trusts can be used to transfer assets in the event of your incapacity, not just upon your death. Trusts also do not have to go through probate, saving your partner precious time and money.
What’s more, leaving your assets in a continued trust that your partner could control would ensure the assets are protected from creditors, future relationships, and/or unexpected lawsuits.
Consult with us for help deciding which option—a will or trust—is best suited for passing on your assets.
2. Durable power of attorney
When it comes to estate planning, most people focus only on what happens when they die. However, it’s just as important—if not even more so—to plan for your potential incapacity due to an accident or illness.
If you become incapacitated and haven’t legally named someone to handle your finances while you’re unable to do so, the court will pick someone for you. And this person could be a family member, who doesn’t care for or want to support your partner, or it could be a professional guardian who will charge hefty fees, possibly draining your estate.
Since it’s unlikely that your unmarried partner will be the court’s first choice, if you want your partner (or even a friend) to manage your finances in the event you become incapacitated, you would grant your partner (or friend) a durable power of attorney.
Durable power of attorney is an estate planning tool that will give your partner immediate authority to manage your financial matters in the event of your incapacity. He or she will have a broad range of powers to handle things like paying your bills and taxes, running your business, collecting government benefits, selling your home, as well as managing your banking and investment accounts.
Granting a durable power of attorney to your partner is especially important if you live together, because without it, the person who is named by the court could legally force your partner out with little to no notice, leaving your partner homeless.
Next week, we’ll continue with part two in this series on must-have estate planning strategies for unmarried couples. https://hoganlawfl.com/blog/
As your Personal Family Lawyer®, we can guide you to make informed, educated, and empowered choices to protect yourself and the ones you love most. Contact us today to get started with a Family Wealth Planning Session.
This article is a service of The Law Office of James Hogan, Personal Family Lawyer®. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, ™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.
The Law Office of James Hogan
4440 PGA Blvd. Suite 600
Palm Beach Gardens, Fl. 33410
Telephone: (561) 472-0839
Email: J[email protected]
Web: hoganlawfl.com
Pet Trusts Offer Protection for Your Furry Family
Pet Trusts Offer Protection for Your Furry Family
If you’re an animal lover and have a pet of your own, you likely consider your pet to be a member of the family. And since your furry friends can provide protection, emotional support, and unconditional love, such consideration is often well deserved.
In stark contrast, the law considers your pet nothing more than personal property. That means that without plans in place, your pet will be treated just like your couch or vacuum in the event of your death or incapacity.
For example, if you die without including any provisions for your pet’s care in your estate plan and none of your family or friends volunteer to take your pet in, your faithful companion will likely end up in an animal shelter.
While you can leave money for the care or your pet in a will, there will be no continuing oversight to ensure your pet (and the money you leave for its care) will be cared for as you wish, if you do it that way. Indeed, a person who is named as the guardian of your pet in your will could drop the animal off at the shelter and use the money to buy a new TV—and face no penalties for doing so.
What’s more, a will is required to go through a court process known as probate, which can last for years and leave your pet in limbo during that entire time. And a will only goes into effect upon your death, so if you’re incapacitated by accident or illness, it will be useless for protecting your pet.
Pet trusts
Given these limitations, the best way to ensure your animal companions are properly taken care of in the event of your death or incapacity is to create a pet trust.
Pet trusts go into effect immediately and allow you to lay out detailed, legally binding rules for how the funds in the trust can be used. Pet trusts can cover multiple pets, work in cases of incapacity as well as death, and they remain in effect until the last surviving animal dies.
Here are a few of the most important things to consider when setting up a pet trust:
Caregivers:The most important decision when creating a pet trust is naming the caretaker. The caretaker will have custody of your pet and is responsible for your pet’s daily care for the remainder of your pet’s life. As with naming a guardian for your children, make certain you choose someone you know will watch over and love your pet just as you would.
Consider the caretaker’s physical ability—naming someone elderly to raise your Great Dane puppy might be asking too much. Also make certain your pet fits in with the caretaker’s family members and other pets. Discuss your wishes ahead of time with a potential caretaker—never assume they’re willing to take on the responsibility.
In case your first-choice for caretaker is unable to take in your pet, name at least one or two alternates. If you don’t know any suitable caregivers, there are a variety of charitable groups that can provide for your pet if you’re no longer able to.
Trustees:Trustees are tasked with managing the trust’s funds and ensuring your wishes for the animal’s care are carried out in the manner the trust spells out. Given the potential conflict of interest, you may consider naming someone other than the caregiver as trustee.
In this way, you now have two people who are invested in the care of your pet—and money—are properly handled.
Caretaking instructions:At the very least, your caretaking instructions should outline your pet’s basic requirements: dietary needs, exercise regimen, medications, and veterinary care. Be sure you think about all of your pet’s future needs, including extra services like grooming, boarding, and walking.
Beyond basic care, you can also lay out instructions for just about any other special treatment you want your furry friend to receive. From sleeping arrangements and yummy treats to weekly visits to the park and favorite toys, a pet trust can provide Fido and Fluffy with whatever lifestyle you wish for them.
Finally, don’t forget to address what you want done at the end of your pet’s life, such as burial, cremation, or memorial services.
Funding:When determining how much money to put aside for your pet’s care, you should carefully consider the pet’s age, health, and care needs. Remember, you’re covering the cost of caring for the animal for the rest of its life, and even basic expenses can add up over time.
But most pet owners want their beloved pets to receive more than just the bare necessities. Given this, make sure you carefully calculate the costs for any special treatments or services you include in the trust and leave enough money to pay for them.
And if you end up leaving more money behind than needed, you can always name a remainder beneficiary, such as a family member or charity, to inherit any funds not spent on the pet.
Do right by your furry family
Consult with us as your Personal Family Lawyer® for help creating a pet trust. We can make certain that you have all of the necessary terms included in your estate plan to ensure your pet receives the kind of love and care it deserves when you’re no longer around to provide it. Contact us for more information.
This article is a service of The Law Office of James Hogan, Personal Family Lawyer®. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, ™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.
The Law Office of James Hogan
4440 PGA Blvd. Suite 600
Palm Beach Gardens, Fl. 33410
Ph: (561) 472-0839
Email: [email protected]
4 Ways Estate Planning Can Improve Relationships with Loved Ones
4 Ways Estate Planning Can Improve Relationships with Loved Ones
With the holiday season here, you’re probably spending lots of time with your family and friends. During these moments, you’re likely reminded of just how important these relationships can be. And as we grow older, you begin to realize how precious little time we have to spend with one another.
Given life’s fleeting nature, using this time to talk about estate planning is vital for ensuring you and your loved ones will be provided and cared for no matter what happens. Though death and incapacity can be uncomfortable subjects to discuss, with a comprehensive plan in place, you’ll almost certainly experience a huge sense of relief and peace, knowing this critical task has been discussed and documented.
And though you might not realize it, estate planning also has the potential to enhance your relationship with loved ones in some major ways. Planning requires you to closely consider your relationships with family and friends—past, present, and future—like never before. Indeed, the process can be the ultimate forum for heartfelt communication and prioritizing what matters most in life.
Indeed, communicating clearly about what you want to happen in the event of your incapacity or death (and asking your loved ones what they want to happen) can foster a deeper bond and sense of intimacy than just about anything else you can do.
Here are just a few of the valuable ways estate planning can improve the relationships you cherish most:
1) It shows you sincerely care
Taking the time and effort to carefully plan for what will happen to you in the event of your incapacity or when you die is a genuine demonstration of your love. It would be far easier to do nothing and simply let you family and friends figure it out for themselves. After all, you won’t be around to deal with any of the fallout.
Planning in advance, though, shows that you truly care about the welfare of your loved ones, even when you’re no longer around to benefit from their love and companionship. Such selfless concern and forethought equates to nothing less than a final expression of your unconditional love.
2) It inspires honest communication about difficult issues
Sitting down and having an honest discussion about life’s most taboo subjects—incapacity and death—is almost certain to bring you and your loved ones closer. By forcing you to face immortality together, planning has a way of highlighting what’s really important in life—and what’s not.
In fact, our clients consistently share that after going through our estate planning process they feel more connected to the people they love the most. And they also feel more clear about the lives they want to live during the short time we have here on earth.
Planning offers the opportunity to talk openly about matters you may not have even considered. When it comes to choices about distributing assets and naming executors and trustees, you’ll have a chance to engage in frank discussions about why you made the choices you did.
While this can be uncomfortable, clearly communicating your feelings and intentions is crucial for maintaining healthy relationships. In the end, it might just be the first step in actively addressing and healing any problems that may be lurking under the surface of your relationships.
3) It builds a deep sense of trust and respect
Whether it’s the individuals you name as your children’s legal guardians or those you nominate to handle your own end-of-life care, estate planning shows your loved ones just how much you trust and admire them. What greater honor can you bestow upon another than putting your own life and those of your children in their hands?
Though it’s often challenging to verbally express how much you love your family and friends, estate planning demonstrates your affection in a truly tangible way. And once these people see exactly how much you value them, it can foster a deepening of your relationship with one another.
4) It creates a lasting legacy
While estate planning is primarily viewed as a way to pass on your financial wealth and property, it can offer your loved ones much more than just financial security. When done right, it lets you hand down the most precious assets of all—your life stories, lessons, and values.
In fact, the wisdom and experience you’ve gained during your lifetime are among the most treasured gifts you can give. Left to chance, these gifts are likely to be lost forever. In light of this, we’ve built in a process, known as Family Wealth Legacy Passages, for preserving and passing on these intangible assets.
With this service, which is included in every estate plan we create, we guide you to create a customized recording in which you share your most insightful memories and experiences with those you’re leaving behind. Family Wealth Legacy Passages can not only ensure you’re able to say everything that needs to be said, but that your legacy carries on long after you—and your money—are gone.
The heart of the matter
With us as your Personal Family Lawyer®, we can help guide and support you in having these intimate discussions with your loved ones. And as our Family Wealth Legacy Passages service shows, we offer a wide-array of customized planning options designed to enrich your family and friends with far more than just material wealth.
With our help, estate planning planning doesn’t have to be a dreary affair. When done right, it can put your life and relationships into a much clearer focus and ultimately be a tremendously uplifting experience for everyone involved. Contact us today to learn more.
This article is a service of The Law Office of James Hogan, Personal Family Lawyer®. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, ™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.
The Law Office of James Hogan
4440 PGA Blvd. Suite 600
Palm Beach Gardens, Fl. 33410
Ph: (561) 472-0839
Email: [email protected]
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