Your Beloved Pet Deserves a Pet Trust
Recently, more people are including their pets in their estate plan. In 2012 a Tennessee resident died and provided for the future care of his two casts in his Last Will & Testament. He has left $250,000.00 and his home to Frisco and Jake. The monies that remain after Frisco, the older cat, dies will be distributed to his family provided that they care for the remaining feline. Click here to read more.
Many clients have shared with me how their lives have been more meaningful by sharing their home with a pet. It is only fitting to plan for the future of your pets after you have left this earth. Florida and other states have laws that permit pet trusts. A pet trust can be created in your Last Will & Testament or your Revocable Trust. Consider these preparation tips before you meet with your elder law attorney:
1. Identify all your intended beneficiaries (people, animals and charities).
2. Determine what assets and how much you would like to leave to each beneficiary. It is generally best to work with percentages and not dollar amounts. No one has a crystal ball to predict what assets will remain at your demise. Using percentages assures that each beneficiary will receive something.
3. Think about whether you want your pets and other beneficiaries to receive assets at the same time or, if your priority is the animals first and then distribute remaining assets to individuals and/or charities.
4. Identify a trusted person or organization to care for your pets.
5. Create a rough estimate of the yearly cost of care for your pets.
Once you have prepared, meet with a qualified elder law attorney and create a plan that will make the aging process easier for you and provide for the comfort and care of your loved ones. Our firm is here to guide you.
We want to be your trusted planning advisor through life.℠