A New York woman made headlines about a year ago when she revised her will to leave $1 million to her Maltese terrier.

When 60-year-old Rose Ann Bolasny dies, Bella Mia will inherit a vacation home, a trust fund, and jewelry. The dog, whom Ms. Bolasny says is a “gift from God,” already has a $100,000 yearly allowance for grooming, meals, shopping sprees, and other items. She says she discussed changing her will with her two sons, and they are both on board with her decision. “I explained to them that I know they love Bella Mia very much but I wanted to make sure that if anything happens to us she was taken care in the way that she’s used to,” Ms. Bolasny said.

Bella Mia is not even close to the richest dog on the planet. Fifteen years ago, human representatives for Gunther, a German Shepherd, used part of the dog’s $145 million fortune to buy Madonna’s villa in Miami.

Leaving Property to Pets

Roughly 70 percent of American households include at least one dog and/or cat. While there are a few owners on either end of the spectrum (people who excessively dote on their pets and people who neglect them), the truth is that most owners care for their pets and sacrifice at least some of their time and money to care for them.

When people involuntarily part ways with pets, it is normally because they relocate and the new residence does not allow pets; moreover, a few pets and their humans separate because of divorce. In all involuntary separation cases, many people are understandably concerned about their animals and want them to be cared for. Furthermore, many people have no children or other heirs, and they want at least some of their possessions to stay “in the family.”

In 1998, the Michigan Legislature amended the estate code to allow pet trusts. For the act to apply, there must be no beneficiary in the will and no “definitely ascertainable beneficiary” available. Furthermore, the pet trust automatically lapses after 21 years.

Setting Up Pet Trusts

One of the biggest advantages of pet trusts is that the owners designate the trustees, so owners have peace of mind that their pets will be cared for. Most pet trusts also contain provisions for replacing the trustees if they fail to care for the pets in the way the trusts dictates. There is no limit to the corpus (amount of money that is in the trust), although the court can reduce the corpus and redirect the money if the judge deems the pet trust to be excessive.

In lieu of trusts, owners can put provisions in their wills setting aside money for a pet’s care and also designating a person to perform such care. If there is money left over after the trusts expire or when the pets die, the funds normally either go to the place designated in the documents or they revert to the testators (persons who made the will).

Count on Experienced Attorneys

A pet trust gives owners one less thing to worry about. For a free consultation with an experienced Portage estate planning attorney, contact the Law Offices of David L. Carrier, P.C. After-hours and weekend appointments are available.

A “trust” is something you might associate with wealthy socialite families. But trusts are actually a common Michigan estate planning device used by individuals from all social and economic backgrounds. There are, in fact, many different kinds of trusts that may be helpful to your own estate planning depending on the needs of you and your family.

Revocable Trusts

The most common type of estate planning trust is an “inter vivos” or revocable living trust. This is a trust created by a person—known as a grantor—who conveys property to a trustee. In most revocable living trusts, the grantor and the trustee are initially the same person. This allows the grantor to retain full control over the trust’s assets while legal ownership remains with the trustee.

You might wonder what the point is of transferring an asset to yourself. The real benefit of a trust comes after the grantor passes away. Normally, a deceased person’s assets pass through their estate. This requires a special legal process known as probate, which can take several months (or even years) to complete. Probate estate records may also be available to the public.

A trust, in contrast, is a private act. When the grantor-trustee dies, a successor trustee named in the trust document simply assumes control and administers or distributes the trust property as directed by the grantor. Assets in the trust are not considered part of the grantor’s probate estate.

This inter vivos trust is also quite flexible. The trust is “revocable,” which means the grantor can amend or revoke it any point during his or her lifetime. Once the grantor dies, however, the trust generally becomes irrevocable.

Irrevocable Trusts

There are also some cases where a person might want to create an irrevocable trust. As you might expect, an irrevocable trust is one that cannot be altered or revoked by the grantor once made.

Why would anyone create an irrevocable trust? With a revocable trust, the grantor is still considered the beneficial owner of the trust’s assets. This means the settlor’s creditors can go after those assets, say to collect a court judgment. However, if the settlor places the assets in an irrevocable trust, he or she is no longer considered the beneficial owner, and those assets are beyond the creditor’s reach.

Need Trust Advice From a Michigan Estate Planning Attorney?

Besides revocable and irrevocable trusts, there are other kinds of specialized trusts. For example, a Special Needs Trust allows a grantor to provide for a beneficiary receiving government benefits. Many public assistance programs are means-tested, so the beneficiary could lose benefits if they received a large gift or inheritance directly.

Another kind of indirect benefit trust is known as a Spendthrift Trust. Here, the grantor makes financial provisions for a beneficiary but restricts the beneficiary’s access to the trust principal. Similar to an irrevocable trust, this will prevent the beneficiary’s creditors from going after the principal.
This is only a brief overview of some of the types of trusts available to Michigan residents. If you are considering creating any type of trust, you should work with an experienced Norton Shores estate planning attorney. Contact the Law Offices of David L. Carrier, P.C., to speak with someone right away.

It is not unusual for an elderly parent or other relative to experience an occasional memory lapse. But frequent or prolonged memory lapses may indicate the existence of a more serious problem. Memory loss is often the first sign of dementia, which can affect an individual to the point where they can no longer take care of themselves or manage their own affairs.

What Causes Memory Loss?

Memory loss is not simply a function of getting older. There are numerous factors that may contribute to memory loss. For example, a person may be taking prescription medication, such as sleeping pills or antidepressants, that interferes with memory. There also non-medicinal drugs—i.e., alcohol and controlled substances like marijuana—where extended usage can alter brain chemistry and thus affect memory.

In terms of physical causes, a head or brain injury, such as a concussion, may result in memory loss. Nutritional deficiencies and certain types of infections, including HIV and herpes, may also lead to memory problems. Thyroid disorders—having either an overactive or underactive thyroid—can also prevent a person from recalling recent events.

Then there is memory loss tied to some other mental disorder. Depression, which is common among older persons, especially those who live alone, can manifest itself in the form of memory problems. Stress and sleep deprivation can also have a negative effect on a person’s memory.

Diagnosing and Monitoring Memory Loss

Health care professionals use the phrase “mild cognitive impairment” (MCI) to describe memory loss that is above the norm for a person based on their age. MCI means a person has memory problems but is otherwise capable of carrying out the daily activities of living. Unfortunately, MCI is often a temporary, transitional state.

MCI is often the first step towards dementia, where a person’s memory and thinking ability is impaired to the point where it does affect their day-to-day activities. Dementia is often associated with Alzheimer’s Disease, which is a progressive loss of brain cells and cognitive function. But dementia is not Alzheimer’s-specific. Other disorders, such as Parkinson’s disease and Huntington’s disease, can lead to serious memory loss.

How Family Members Can Help

If you are living with someone suffering from MCI, dementia, or who is otherwise experiencing memory loss, it can be stressful for you as well as the other person. Perhaps the best advice is to be supportive but not belligerent. You should help the person try to remember things—such as doctors’ appointments or mealtimes—without putting them on the spot or calling attention to their memory loss.

Since dementia can also affect a person’s legal capacity, it is important to speak with an experienced Muskegon elder law attorney who can assist you with making long-term plans to care for the person’s health and property. An elder law attorney can help draft powers of attorney and other documents allowing a person suffering from dementia or memory loss to designate agents to act on their behalf when they are no longer able to. If you need to speak with someone right away, either on behalf of yourself or a family member, contact the Law Offices of David L. Carrier, P.C.

If you have recently experienced the death of a loved one, you may have questions about the probate process. For many residents of the Grand Rapids area, the term “probate” is not one with which most of us are familiar. Yet when you are dealing with the estate of a family member, it is important to understand precisely what probate is, how probate works and when it is used, and what the process entails. Generally speaking, the probate process falls within the broader category of trust and estate law, and it is an issue that tends to arise during estate planning and in administering the estate of a deceased person.

What is the Probate Process?

First, and most importantly, you are likely wondering: what is probate? As an article from the American Bar Association explains, probate is the legal word for the process of administering the estate of the deceased when that administration is supervised by the court. What do we mean when we say administering the estate? A pamphlet from the State Bar of Michigan helps to explain what estate administration requires in our state. In short, during the probate process, a personal representative will administer the property of the deceased by doing the following:

• “Marshalling” the assets of the deceased, which includes sorting through the property of the decedent, assembling and securing assets, and having those assets valued;
• Paying charges owed by the deceased, such as final medical bills or funeral expenses, taxes, any money owed to creditors, and expenses associated with administering the estate; and
• Distributing the remaining assets of the estate to the decedent’s beneficiaries.

Distribution of assets will happen in one of two ways. If the decedent had a will, then the assets will be distributed according to the will. If there was no will, however, then the assets will be distributed according to the law of intestate succession in Michigan.

When is the Probate Process Necessary?

When is the probate process necessary? Typically, whenever a decedent has property in his or her name, or has rights to receive property in his or her name (such as a debt owed), then the property must go through the probate process. In Michigan, there are some exceptions, and an experienced Michigan estate planning lawyer can examine the specifics of your case.

Understanding the Process of Probate

Now that you know what the probate process is and when it is required, it is important to understand the general steps in the probate process:

Generally speaking, after the appointment of the personal representative and prior to closing the estate, the personal representative has a duty to property manage the estate, including investments and other assets.

Contact a Michigan Probate Attorney

If you have questions about the probate process and how it works, an experienced probate lawyer in Michigan can assist you today. Contact the Law Offices of David L. Carrier, P.C. for more information about our services.