Real estate is frequently the most valuable part of an estate. It is important to know how your property is titled when estate planning to determine how to ensure that the property transfers to your desired beneficiaries. Property is titled in many different ways reflecting various types of ownership. Consequently, property can be titled in such a way as to avoid probate.
Estate planning is for all members of the family – even the furry ones. Don’t forget your pets in estate planning. One way to take care of pets in estate planning is through a pet trust. Although often an overlooked part of an estate plan, ensuring that your pet will be taken care of after you die is important. Sixty-eight percent of American households have pets. Under the law, however, a pet is considered property. So in a worst case scenario, the lack of a pet trust could lead to the unintended placement of your beloved pet into a shelter. You can create a testamentary trust that is enacted upon death as long as you designate funds to go into the trust. You could also create a trust if you become incapacitated and are unable to care for your pet.