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When creating an estate plan, an Orange County estate planning attorney can also implement a durable power of attorney.  This tool will take affect in the event of your incapacitation.  Incapacitation refers to when a person can no longer make decisions regarding finances or health.  This is when the durable power of attorney would step in to make those types decisions on your behalf.  This is not a pleasant topic to think about, but it is necessary to plan for.

http://www.tompkins-law.com/estate-plan-reviews-and-amendments

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When “Queen of Mean” Leona Helmsley left $12 million in trust for the care of her beloved Maltese, Trouble—a move that took third place on Fortunemagazine’s list of the “101 Dumbest Moments in Business” for 2007—she was ridiculed for excessive generosity toward a mere animal, just as during her life she was ridiculed for her stinginess toward people.

Yet the high-profile case of Trouble has increased awareness of this valuable tool—the pet trust—for the rest of us. If, through the use of these trusts, more pets are cared for after their guardians die, then Mrs. Helmsley will have accomplished something positive.

While the idea of providing for a pet after death has been around for centuries, laws supporting pet trusts are a fairly recent creation. According to Gerry W. Beyer, a law professor at Texas Tech University School of Law specializing in estate planning, “Trusts for pets are very similar to trusts for children.”

Beyer urges anyone considering a pet trust to find a knowledgeable attorney. “What if all of their property is in survivorship form? Then funding a pet trust through a will provision may not work. It’s just too risky to do without legal advice.” Beyer also points out the importance of planning—realistically—for the pet’s lifespan. “Discuss whether or not you want the trustee to pay for heroic medical care. Get real specific.”

Stacey Romberg is a Seattle-area estate planning attorney specializing in pet trusts. At least half of her clients are concerned about providing for their pets. “Not every client needs a pet trust,” Romberg says. “Trusts are complex. Instead of setting up a trust, a client could give $10,000 and Buddy to a caregiver; lots of people do. It’s my job to explain the options and let the client decide.”

Romberg cites the case of one client who had a sickly dog with special needs, including a cart for his hind legs. The client left $50,000 in trust for her dog, knowing that otherwise, her family or friends might be reluctant to spend that amount for a pet’s care.

On the other hand, Steve Smith, co-founder of Rolling Dog Ranch Animal Sanctuary in Montana, provides a cautionary tale about trusting family with your pet after your death. “We’ve found that family members sometimes can be unreliable caregivers; their willingness to care for a pet can change over time. People make assumptions regarding their family loving their pet, when what will literally happen is, the day after the funeral, the pet is taken to the nearest shelter.”

Linda Griffin, a 52-year-old Seattle resident, plans to avoid such a tragedy. She and her partner are guardians of four dogs: an older German Shepherd mix, and three younger Miniature Poodles (whom Griffin calls porta-pups). Twelve years ago, when exploring estate planning, Griffin asked Romberg about creating a trust for their pets. “They’re like our kids,” says Griffin. “You wouldn’t leave who cares for your kids up in the air, would you?” She talked to her sister and niece about being caregivers. “I told them I didn’t expect them to keep all four dogs, or however many I have at the time, but I do expect them to find good homes for any they can’t keep.” When asked if friends or family were shocked at the idea of a pet trust, Griffin replies, “They already think we’re a little nuts about our animals, so they weren’t surprised!”

Finding the best trustee and caregiver for your pet is critical to the success of your planning. Beyer strongly recommends choosing different people for each task, to prevent any conflicts of interest. And the pet covered should be clearly identified. “In one case, a caregiver went through three black cats before anyone realized the original cat had long since died,” he says.

Make sure the named caregiver is willing. That seems basic, but as Smith points out, you simply can’t assume.



http://thebark.com/content/pet-trusts

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In common law legal systems, a trust is a relationship whereby property is held by one party for the benefit of another. A trust is created by a settlor, who transfers some or all of his or her property to a trustee. The trustee holds that property for the trust'sbeneficiaries. Trusts have developed since Roman times and have become one of the most important innovations in property law.

An owner placing property into trust turns over part of his bundle of rights to the trustee, separating the property's legal ownershipand control from its equitable ownership and benefits. This may be done for tax reasons or to control the property and its benefits if the settlor is absent, incapacitated, or dead. Trusts are frequently created in wills, defining how money and property will be handled for children or other beneficiaries.

The trustee is given legal title to the trust property, but is obligated to act for the good of the beneficiaries. The trustee may be compensated and have expenses reimbursed, but otherwise must turn over all profits from the trust properties. Trustees who violate this fiduciary duty are self dealing. Courts can reverse self dealing actions, order profits returned, and impose other sanctions.

The trustee may be either an individual, a company, or a public body. There may be a single trustee or multiple co-trustees.

The trust is governed by the terms under which it was created. In most jurisdictions, this requires a contractual trust agreement ordeed.


http://en.wikipedia.org/wiki/Trust_law

It is ideal to have you assets in a living trust in order to avoid probate court.  The way to do so is trust funding.  This means transferring your assets in the name of your living trust.  This is a complicated process, so it is suggested to seek the help of an experienced Orange County estate planning attorney.  Many steps need to be taken to properly execute a trust fund and paying for an attorney will be worth it in the end.  

Find out more information on this Orange County estate planning attorney's website.

http://www.tompkins-law.com/estate-plan-reviews-and-amendments