-Frequently Asked Questions-
Whether or not you need a pet trust depends on your personal circumstances and priorities. A pet trust is a legal arrangement that provides for the care and maintenance of your pet(s) after your death or if you become unable to care for them yourself. It can ensure that your pets receive the necessary food, shelter, and medical care and can be a useful tool for pet owners who want to ensure their pets are well-cared for even when they are no longer able to provide that care themselves.
If you have pets that are important to you and you want to make sure that they are taken care of after your death or incapacity, then a pet trust may be a good option. A pet trust can also be particularly useful if you have pets with long life expectancies or pets with special needs that may require expensive care.
However, if you don't have any pets or if you have pets that are easily adoptable and likely to find new homes if something were to happen to you, then a pet trust may not be necessary. Ultimately, whether or not you need a pet trust will depend on your individual situation and priorities. Please discuss your situation with me to determine the best course of action for you and your pets.
My loved one had a bank account in Hungary, how do I get those assets?
Do I need a will?
Having a will is important because it allows you to have control over how your property and assets will be distributed after you pass away. Without a will, the distribution of your property will be determined by state laws, which may not align with your wishes.
A will also allows you to name an executor, the person responsible for managing your estate after you pass away, and to name guardians for any minor children you have. Additionally, a will can help reduce the likelihood of disputes and litigation among family members and other interested parties. Having a will allows you to effectively pass the torch by the handle and not the flame.
Do I need a trust?
Whether or not you need a trust depends on your individual circumstances and goals. A trust is a legal arrangement in which a trustee holds and manages assets on behalf of a beneficiary or beneficiaries. There are many different types of trusts, each with their own specific purposes and benefits.
One common reason for creating a trust is to avoid the probate process. Probate is the legal process of distributing a deceased person's assets according to their will or state law. Probate can be time-consuming and expensive, and creating a trust can help your beneficiaries avoid this process altogether.
Other reasons for creating a trust might include protecting assets from creditors, providing for the care of a disabled family member, or reducing estate taxes.
It is a good idea to consult with an attorney and/or a financial advisor to determine if a trust is appropriate for your individual circumstances and goals. They can help you evaluate the pros and cons of a trust and assist you in creating a trust that meets your needs.
What is a Pet Trust and do I need one?
The process of getting probating foreign assets is not always straightforward and will depend on a few things. Firstly the type of asset will determine what process you will need to follow. For example, certain banks, especially those that have experience with international matters, have their own processes. They will usually require Apostille authentication of letters of authority and death certificates, as established by the Hague Convention. Other assets, such as land, will usually require additional documentation which will require translation and coordination with the embassy or local consulate.
My family member just passed away, now what do I do?
First as foremost I tell my clients to focus on funeral arrangements and grieving. There is not usually a need to dive into paperwork and assets immediately. However, once you feel ready to start the process here are some things to keep in mind:
Do you know if the decedent had a will? If so you should try to find it and determine who will be the executor.
If there is no will, you may want to discuss with other family members on who should be appointed to administer the estate.
Do not attempt to access or spend any of the Decedent’s assets before an estate is opened, as you won’t have authority to do so until you are appointed.
You will want to determine the heirs of the estate and their contact information.
You will also want to start going through paperwork to determine where all the decedent had assets (sometimes easier said than done).