Your pets will not care for themselves without you around.
You have pets.
They are like family.
They have been with you through the good and the bad.
When you die, they will miss you.
But their lives will go on.
How can you make sure they live comfortably to the end of their days without you?
According to a recent NJ.com article titled “Can you leave an estate to a pet?”, your pets cannot legally inherit assets from you.
You can use a pet trust.
By leaving money in a trust and establishing the use of the assets for the care of your pet, you can provide for their needs and leave instructions.
You also need to be sure to leave instructions regarding who should care for these family members with feathers, fins or fur.
Although you could simply leave money to the person caring for your pet, a trust gives you more control.
The trust should also designate where the money goes after your pet passes.
A trust is not your only option.
There are also charities that care for pets after their owners die.
You can give money to the organization and leave your pet to them.
Do your research before you make your decision.
Your pet will thank 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: NJ.com (July 12, 2017) “Can you leave an estate to a pet?”