Estate planning for pets
Often, pets are not included in estate plans. To ensure ongoing and proper care, consider addressing your pets' needs along with other loved ones. Pets cannot be named beneficiaries of money or property from your estate. So, what are your options? While a will often lacks the structure to provide for adequate care, a properly written trust is an ideal planning tool.
A trust can designate someone to care for your pet, name someone to distribute money to the pet's caretaker and stipulate charitable contributions to animal shelters.
A few simple steps can avoid added grief for your family and pets. Talk to family and friends to see who would enjoy caring for your pets. Figure out how much money you would like set aside to care for your pets.
Most of our clients set aside a sum of money, such as $20,000, to be used to cover pet care and maintenance costs. When the pets are no longer living, the balance of the amount set aside can either revert back to the trust for distribution to beneficiaries or be given to an animal shelter.
In addition to covering many other family estate-planning needs, a trust can ensure appropriate care for your pets.
Written by Jamie KahnOwner of Four Peaks Planning, Inc.
(480) 229-6220
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Estate Planning for Pets
