When it comes to families, people often view their pets as part of their family. A common question is whether a will or trust can provide for a pet after the owner passes.
Planning for this family member has an added complexity in that our furry family member is not in a position to handle their own finances or make their own decisions.
What Are My Options?
- Do nothing and whatever happens, happens.
- Have the pet put down.
- Leave the animal to someone, which may include a financial plan to take care of the animal, such as a pet trust.
What is a Pet Trust?
A trust is a legal arrangement that can hold assets with instructions and rules for the beneficiaries upon your passing or incapacity. A pet trust is a trust with provisions to specifically plan for your pets.
Essentially a pet trust sets aside a chunk of money for someone to supervise and provide care for the animal after your passing or incapacity. The idea is to relieve the financial burden upon the person taking over the caretaking role in your pet's life.
With a pet trust, you'll rest more assured that your pet will be cared for in the manner which you desire.
Estate Planning Strategies With Heritage Law Office
Contact one of our attorneys at our Wisconsin (414-253-8500), Minnesota (612-204-2300), or California (310-438-4020) locations for a free consultation to make sure your assets are properly protected or for more information on a Trust, Will, Life Estate, Medicaid Planning, or Estate Planning. Our goal is to achieve results that will benefit future generations.