Your pets are a beloved part of your family. Unfortunately, pets are overlooked in proper estate planning. To ensure that the four legged members of your family are properly cared for consider adding your pets to your comprehensive estate plan.
When plan your estate to provide for your pets there are a few considerations that you should keep in mind.
First, pets cannot be named beneficiaries of money or property from your estate. In the eyes of the law pets are no different from other property. While we may love and care for them, pets can not legally be the direct beneficiaries of your estate. So, what are your options?
Pets TrustsA: Despite the fact that a last will and testament does not have the mechanisim to properly care for your pets, a properly written pet trust is an ideal planning tool to make sure your dog or cat is provided for. Customarily your pet trust will appoint someone as your pet caretaker and provide monies to care for your pet. Typically, trustee.when the last of your pet is no longer living, the balance of whatever monies have been set aside for you pets care can either revert back to the residue of the trust for distribution to beneficiaries or be given to a charity, such as an animal shelter or other organization that you would like to benefit. .
Selecting a pet caretaker can often be a diffuclt task. However, a few simple consideration can avoid unnecessary grief for your family and pets. First, speak to family and friends to determine who would enjoy caring for your pets in the event that you pass. If you have minor children, inquire with the individual that you have nominated a guarding for your minor children if they would also take your pets to ease the transition for the children. Third, Confirm that your pets are healthy and identify any special consideration your pet caretaker may have to address as custodian for your pet.
The answer depends on various factors:
For more information on estate planning for pets contact Antonoplos & Associates at 202-803-5676 or on the web at www.Antonlegal.com