According to the numbers, more and more people are taking in a pet. In fact, from 2010 to 2012, the number of pet-owning households increased from 62% to 68%.
This includes Kansas and Missouri.
Are you familiar with “pet trusts.” Even if you are, The Wall Street Journal has provided the latest information on planning for your pet and some noteworthy statistics in a recent article titled “More Americans Are Writing Their Pets Into Their Wills.”
You see, with human family members, you can take care of them by giving them an inheritance. On the other hand, you cannot give property to your pet because your pet is itself property. Nevertheless, you can provide financially for your pet with a pet trust, whether in Overland Park or elsewhere.
After all, the needs of a pet can be simple, but someone needs to care for them. A pet trust is a legal vehicle that can be designed to be there for your pet when you are not, providing a caretaker and financial resources according to your instructions.
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) and to download free tools to help you organize your estate, visit my estate planning website.
Reference: The Wall Street Journal (January 12, 2014) “More Americans Are Writing Their Pets Into Their Wills”