It's National Dog Day, do you have a plan for your pets?

It’s National Dog Day, and also the dog days of summer, which raises an interesting estate planning topic: what happens to your dog (or cat, pig, rat...) if something happens to you?

Washington law considers animals and pets to be your personal property, which means you get to decide who should receive them at your death.  You’ve got a few options when it comes to deciding where your pet should go if something happens to you.

The simplest and most common way to plan for your pet is to name them on a list of personal property and state who should receive them.  In Washington, you are permitted to make a list of personal property items and designate to whom each item should be given at your death. As long as this list is signed and dated by you and kept in a place where it can be found, it will be honored and the items on your list will be distributed to the people you listed first, before the rest of your estate is distributed under your will.  These lists are great for sentimental items, things you can see and touch and also your pets. Note: they do not work for money, bank accounts, stock, real estate, financial accounts, etc. This means that while you can list who should receive your puppy if you pass, you can’t use the list to give the person taking your dog a monetary gift to help out with care.  If that’s not a concern, the list will work fine.  If you don’t have a personal property list like this but would like one, email or message us at: hello@kampbell-law.com and we’ll send one to you.

If you not only want to say who your pet should live with but also provide instructions or funds from your estate to help fund care for your pet, it’s better to put this information in your will.  We would call this a specific bequest and you would be able to name who should receive your pet and make a monetary gift to that person to help with your pet’s ongoing care and expenses.

If you want to go a further step and require specific types of care, certain things that should be paid for for your pet’s care on an ongoing basis, then you may want to set up a trust for your pet. A trust names someone to care for your pet and manage funds to be used for your pet.  It also creates a plan for who (or what organization) should receive any remaining funds at the eventual death of your pet.

At Kampbell Legal Planning, we’re all about planning for what matters most to you. If your pets are your life or an important part of your family, then we can make sure they will be safe and sound no matter what. Have questions about this? Give us a call (253) 564.2088 or email us: hello@kampbell-law.com

 

Tuesday Tips (Summer Edition) - If You Own an 18 Year Old You Need This

Summer is all about barbeques, summer camps, long days and evenings and getting out and enjoying the beauty that is so unique to the Pacific Northwest.  I also know a lot of families that are preparing to send their child off to college for the first time.  Something that often gets overlooked is the fact that once a child turns 18, he or she is considered to be an adult and parents no longer have the automatic right to make decisions, sign documents and access health records that they did when their child was a minor.  I know from talking to clients how easy it is to forget that 18 year olds are adults in the eyes of the law.

If you are out shopping for dorm supplies and filling out college paperwork this summer, there’s something else you should add to your list (I know, I’m sure it’s already long): having a Power of Attorney prepared for your child so that if anything happened, you would be able to immediately step in and have access to health records, speak to doctors, make health related decisions and also assist your child in any other legal way necessary.

What is a Power of Attorney? In Washington, a Durable Power of Attorney allows you to name someone else to make important health and financial/legal decisions in the event that you are alive but not capable of making decisions for yourself.  When your child is still a young adult, attending college, perhaps needing help with banking, paying bills and other matters from you, a Durable Power of Attorney is probably going to be necessary to allow you to help.  If your child has a medical situation arise, you want to be able to immediately get involved, have access to his or her medical information, make treatment decisions, etc. and you won’t want to be turned away because you don’t have the proper documentation.   

These documents can be revoked or terminated at any time by your child as they get older, but in the meantime, it could mean peace of mind and the ability to smoothly handle any situation that arises.  If you have any questions about powers of attorney or you would like us to help you put one in place, we are happy to discuss.