For many, a pet is much more than a pet, he or she is part of the family. According to the Humane Society of America, more than half of American families are home to at least one pet. Although dogs are the most popular pet followed closely by cats, there are an infinite number of other animals from birds to pigs that are kept as pets. Regardless of the type of animal that you have made part of your family, chances are that you wish to ensure that your pet will be well taken care of after you are gone.
Just as you make provisions in your estate plan for family members and loved ones, you can provide for your pet in the event of your death. Granted, your pet cannot manage his or her own money, but that can be accounted for as well with the creation of a pet trust. A pet trust operates in much the same manner as any other trust, except the beneficiary is an animal instead of a person. You will need to designate a trustee to oversee the trust as well as someone to handle the day to day care of your pet upon your death. While they can be the same person, they do not have to be. After that, you simply decide on the amount and type of assets you wish to use to fund the trust and your pet trust is created. By creating a pet trust, you can rest assured that your pet will be cared for after your death just as he or she was
- It Can Be Scary to Die Without an Estate Plan…the HORRORS of Intestacy - December 23, 2021
- Neither Age Nor Health Determines Whether You Need an Estate Plan - December 21, 2021
- The Role of the Estate Planning Attorney - December 8, 2021