ESTATE PLANNING…FOR PETS
When you leave for the weekend you think long and hard about who you entrust with your fur babies, don’t you think you give the same level of thought to who would care for them in the event of your disability or death?
We rely on the warmth and companionship of our pets. If you can understand the importance of estate planning for the protection of your property, shouldn’t you consider including additional protection for your pets in your estate plan?
Even if you don’t plan to leave your estate to Fido (a la Leona Helmsley), you can specify funds from your estate to be used for their care. Setting up a pet trust is just one way to plan for the future of your pets in the event of incapacity or death.
A pet trust can help you plan for the long-term placement of your pet and even provide them with financial support. Trusts may be established for a beloved pet’s lifetime and dictate their care and maintenance.
Before retaining and attorney to draft a pet trust consider the following:
Who should I designate to be caregiver for my pet?
Does that person have any reservations about being part of my estate plan?
If I have more than one pet, should both be designated the same caregiver?
Who should be designated as trustee (to manage distribution of assets to benefit my pet)?
An experienced attorney can help you establish the terms of a pet trust to endure your best friend is protected. The Kendrick Law Group is dedicated to providing you with quality legal counsel for all your estate planning needs. To learn more about how we can help you plan for and protect your assets, including the future of your pets, contact us today to schedule a complimentary consultation.
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