Do you consider your pet to be a part of the family? If your pets outlive you, what will happen to them? The concept of a “pet trust” isn’t just for the wealthy eccentric, you can make sure your estate plan includes provisions for the care of your animals.
By Stephen K Lehnardt
Chances are you own a pet? In fact, from 2010 to 2012, the number of pet-owning households increased from 62% to 68%, with dogs (36.5%) and cats (30.4%) being the most common. If you are like our family, our pet is considered a member of our family. Many pet owners are now taking their beloved pets into consideration when it comes to their estate plans.
Maybe you have heard the term “pet trust” before. Even if you have, 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 property. Nevertheless, you can provide financially for your pet with a pet trust.
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.
For more information in Liberty, MO and the Kansas City Area about pet trusts and effective estate planning, and to access free information and tools to organize your estate, visit our estate planning website.
Reference: The Wall Street Journal (January 12, 2014) “More Americans Are Writing Their Pets Into Their Wills“