If you love pets, it means that you consider them an important part of your family. Pets are categorized as one’s property in most states. Still, there’s a lot that goes into caring for pets, and that care and love should continue even after you are gone. So, how can you ensure that your pets are cared for in your estate plan?
In the same way that a person establishes a trust for their children who have not come of age, you can ensure that your pets are cared for in your estate by establishing a trust for them. Understandably, setting up a trust for your pets is usually a long, complicated, and expensive option. However, it is necessary if you want to leave your pets in good hands and with enough money to pay for their daily expenses throughout their anticipated lifespan.
When establishing a trust for your pet, you should plan to ensure that they will be in good hands when you are no longer around to love and care for them. Given that pets are like children and they tend to accept someone they trust and are familiar with, you must find them the right caretaker.
You can look from within your circle of friends and family and then speak to the persons you consider long before you include their names in the trust document. If the person accepts to be your pet’s caretaker, you should go over your expectations and see that they agree with these expectations. Most importantly, you should ensure you choose a person who has your pet’s best interests at heart.
The final step as you work on plans to ensure that your pet is cared for in your estate plan is to provide for them enough funds. Ensure that the funds can cover the cost of their food, vet visits, and grooming. The goal is not to burden the caretaker by expecting them to pay for the pet’s expenses out of pocket.
If you love your pets and want them taken care of after your passing, you can make plans to have them live comfortably with someone they know and trust. If you are unsure where to start, contact O’Brien Law Firm, LLC, for expert legal guidance today.
If you are unable to repay your debts, you have very limited options other than filing for bankruptcy. Unfortunately, filing for bankruptcy can negatively affect your future credit and loan opportunities. Here are some of the ways that bankruptcy can affect your financial future.
Depending on your situation, bankruptcy has the potential to knock about 200 points off your credit score. If you have an average score of 680, you can lose between 130 and 150 points in bankruptcy. A person with a 780 score can easily lose between 200 and 240 points in bankruptcy. The loss of credit score points can affect your ability to secure loans in the future, especially because lenders consider your credit score before giving you a loan.
Unfortunately, some credit reports can stay on for a longer time, depending on the type of bankruptcy. If you incur a Chapter 7 bankruptcy, it will remain on your report for ten years. A Chapter 13 bankruptcy stays on your record for 7 years. The longer you have that credit report, the longer it will take you to get new credit, as the bankruptcy mark will still be present in your credit report.
Ultimately, you can get out of the red if you work hard toward regaining your financial stability. However, rebuilding your credit score after bankruptcy is a gradual process that requires consistent financial discipline. Still, you can adopt different strategies, such as getting a credit card that has a small limit or getting a credit card that allows you to deposit cash as collateral. You should then use any one of these cards responsibly, paying off the balances each month in full. Paying off your bills and loans on time can rebuild your credit score with time.
Bankruptcy can sometimes be inevitable, especially when you lose your source of income and you have outstanding loans to pay. Filing for bankruptcy is the safest way to get your creditors off your back as you find ways to offset any loan balances. For expert guidance on bankruptcy and debt problems, contact O’Brien Law Firm, LLC, today.
