PLANNING FOR YOUR PETS
YOUR ESTATE PLAN CAN INCLUDE YOUR PETS
Most of us who own pets consider them to be a loving part of the family; unfortunately, the plans we may have so carefully put together to protect our loved ones frequently do not take our pets into consideration.
According to the ASPCA, only about 17% of dog and cat owners have taken the necessary legal steps to ensure their pets are cared for after they die. Most of us assume that because our close family members know how much our pets mean to us, someone in the family will take responsibility for our pets after we are gone. However, many pets that outlive their owners wind up in shelters because no formal provisions have been made for them.
Almost every state has laws that allow pet owners to create a trust for the care of their pets. You can create a trust that would go into effect upon your death or if you become incapacitated and unable to care for your pet.
To ensure there are proper checks and balances, you may want to consider naming one person to serve as trustee to handle the money, and another person as your pet’s caregiver, who would be responsible for the day-to-day care of your pet.
In your trust, you have the option to detail exactly how your pet is to be treated – how many vet and groomer visits per year, what the pet should be fed, and any special medical needs that will require special attention. You will need to fund your pet trust sufficiently to cover your pet’s anticipated life span, including a cushion if your pet lives longer and needs additional medical care.
Don’t make the mistake of providing for your pet in your will since probate could tie it up for months in court.
If you would like more information about protecting your loved ones – including your pets – schedule a Life and Legacy Planning Session with Jill Gregory today.