If something happened to you, do you know where your pets would go? Do you know who would take care of them? And will this person be able to afford their care costs or should you create a fund? Well, perhaps establishing a pet trust can be the answer. One of the main goals of estate planning is to make sure that your family members are going to be taken care of after you pass away. Furry, feathery, or other pets are meaningful parts of our families as well. So just because we are not the same species does not mean we can forget about their future in the event that we pass away before they do.
You may want to consider setting up a pet trust, which provides instructions for where pets would go after you die, and funds that offer that care. Pet trusts allow you to put away some financial assets that are just for ongoing pet maintenance. With a regular trust, you appoint a trustee to manage these funds, someone who is separate from the caretaker you choose to be the new owner of your animals. When writing a pet trust, you can outline what the funds can be used for, such as medical care or boarding services when needed. The pet’s new caretaker may then request funds from the trust directly to the trustee, who ensures that the money is distributed based on your instructed wishes and the pet’s needs.
By creating a pet trust, you can feel more peace of mind that your pet will be cared for, and you can ensure that your animals do not place a financial burden on the new owners you have chosen. When your pet passes away, there may be funds still left in the account. What you can do is set up a trust so that remaining funds are transferred to the pet’s caretaker as a gratitude gesture for their service.
Establishing a pet trust is just one approach under estate planning that allows people to prepare for their furry family members’ futures. As your lawyer can review with you, like an estate planning attorney at Silverman Law Office, PLLC, there are many other ways that you can attend to the needs of your pet. For instance, you can use your estate plan to specify visitation requirements, making it so that relatives who wish to see the pet are allowed to do so. There are so many details to consider when it comes to both your human and other species family members, the latter in particular.
Many pet owners get assistance from a lawyer who is experienced in guiding their clients through writing an estate plan, so that they can avoid making pivotal mistakes. When it comes to protecting the health and happiness of those you cherish the most, humans and others, developing an estate plan is the best way to do exactly that.