When you devise your estate plan, you take legal steps to protect the interests of your loved ones. Clearly, you are going to take care of all the family members that are close to you, but you may be surprised to hear that many people overlook an important family member.
You see, some family members walk on four legs. If you are a pet owner, you may want to consider the well-being of your pet when you are putting your estate plan together.
To be purely objective, many younger pet owners are really not going to be too concerned on this level. You may have family members who would immediately step in to care for the pet if you were to pass away unexpectedly, and it is very likely that you will outlive your dog or cat.
At the same time, pet planning can be very important for older pet owners, and it can be quite liberating. Many seniors understand the fact that they could fill a void if they were to bring a pet into their homes, but they are concerned about their anticipated longevity as it compares to the life expectancy of the pet. In reality, this need not be a concern, because you can provide for your pet in your estate plan.
The most effective pet planning tool is the pet trust. At this point, most of the states in the union allow for the creation of pet trusts, and they are legal in the state of California.
When you create and fund a pet trust, you name a trustee, and you set forth terms in the trust declaration. After you pass away, the trustee would use the assets in the trust to satisfy the needs of the pet throughout its life. In this declaration, you can leave behind very specific instructions.
You can instruct the trustee to provide certain living arrangements, and you can even go so far as to stipulate the type of food that the pet receives, and you can make sure that the pet is given certain treats at certain times.
A pet trust can be a very good choice for you if you want to be absolutely certain that your pet is properly cared for if you do predecease the animal.
Free Pet Planning Report
We have assembled a rather extensive electronic library that is full of special reports that cover important estate planning and elder law topics. There is a report in this library that focuses on pet planning and pet trusts.
The report is free, and you can access your copy quickly and easily through this website. To get your copy, click this link and follow the simple instructions: Los Angeles CA Pet Trusts.
To Schedule a Free Consultation
If you are interested in the possibility of working with our firm after learning these facts, please select our “Workshops” tab to RSVP for a free estate planning workshop. At that workshop you will be offered a free one-hour consultation with an attorney: www.collinslawgroup.com/seminars/