If you love your pets, chances are you want them to be cared for after you are gone.
Whether they have feathers, fins or fur, your pets are important to you.
You do your best to take care of them and their needs.
You feed them.
You give them love.
But what will happen when you are not in the picture?
Will they be okay?
Will they be able to have the same standard of living you provided?
According to a recent Trust Advisor article titled “Britney Spears Pet Fetish Feeds New Estate Planning Craze,” a pet trust is necessary to ensure your pet receives the same standard of care you provide.
But this may not be sufficient.
A great example is Britney Spears who spends about $30,000 a year on her dogs.
Not a lot of people could afford to provide the same lifestyle.
This is where a pet trust comes in.
What should a good pet trust do?
It should set aside money specifically for the care of the pets.
It should also provide instructions as well as designate caretakers and successor trustees.
Not all pets have long lifespans, but some do.
For these especially, a pet trust could be useful.
Will pet trusts continue indefinitely?
Most continue for the life of the animal; however, in some states–New Jersey, Alaska and Montana—pet trusts terminate after 21 years.
Chances are you do not spend as much on your animals as Britney Spears, but your pets are a part of your family.
If you are concerned about what will happen should you become incapacitated or when you die, then a pet trust may be a good option for you.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Trust Advisor (May 1, 2017) “Britney Spears Pet Fetish Feeds New Estate Planning Craze”