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Representing Sellers and Buyers of Homes and Other Real Estate Wills, Trusts, Living Trusts, Powers of Attorney and Other Estate Planning Law Offices of James B. Spina, Ltd. Experience Counts Serving the Chicago Metropolitan Area since 1979 |
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INFORMATION
Disclosing Defects In Your Home
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What will happen to your pets when you are gone?
Some fortunate pets go to loving friends or
family members.
Some are sold, and a few simply become strays.
It is appalling, but thousands of pets are
destroyed when their owners die just because there is no one to pay for
their care. Most
pet owners cannot be certain of what will happen to their animals after
the owners are gone.
WHO WILL DECIDE
WHAT HAPPENS TO YOUR PET?
The law generally views your loyal companion as a “chattel,” a
thing, no different than a lamp or a table, to be sold, abandoned, or
discarded. It does not
consider your pets’ life and feelings.
Instead of a judge, a stranger, or a corporation, you can decide
how your animals will live after your death.
THE CARETAKER.
You decide who you can rely on to care for your pets
after your death.
It is best to name others, too, who can take
over if your first choice is unable to serve.
This person, known as the “Caretaker,” is the
one who will take your pets into his or her home.
THE TRUSTEE.
Every trust requires a Trustee, the person you choose
to handle the funds of the Pet Trust.
The Trustee is responsible for assuring that
the money is used for its intended purpose, and not wasted or used
improperly.
You may elect to have the Caretaker act as
Trustee, too.
However, it is usually wise to have an
independent Trustee who can make sound decisions about the expenditure of
Trust assets.
The Trustee takes care of the money, and the
Caretaker takes care of your pets. COVERING THE COST. Money or other assets must be available to the Trustee to provide for your pets’ care. You can open an account when you set up your Trust, and designate the Trust as beneficiary of that account. If you do not wish to use money from your current income or assets, there is another way to fund the Pet Trust. If you have life insurance, you can designate the Trust as a beneficiary to receive part of the insurance proceeds. Also, there are many sources for small life insurance policies that are relatively inexpensive and do not require a physical examination, a convenient way to provide for your pets.
IT DOESN'T HAVE TO BE DIFFICULT.
It is certainly preferable to meet with your attorney
about a Pet Trust, as well as other estate planning needs.
However, if your mobility is limited, or it is
just too inconvenient for you to visit your lawyer’s office, the Law
Offices of James B. Spina, Ltd., will prepare your Pet Trust and other important estate planning
documents without requiring you to leave your home.
Because no one knows when something might
happen, this could be a better alternative than failing to make these
provisions right away.
Call for a free telephone consultation today.
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_______________________________________________________ ALL INFORMATION ON THIS WEBSITE IS EDUCATIONAL IN NATURE. IT IS NOT LEGAL ADVICE IN ANY RESPECT. CONTACT YOUR ATTORNEY FOR ADVICE SPECIFIC TO YOUR NEEDS.
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