Our pets are part of our family. But have you taken steps to care for your pet after you have passed? There are essentially two ways to do so in estate planning. First, you can assign the next caretaker of your pet in a will. You can even leave the caretaker of your will a lump sum of money to help offset the costs of caring for your pet.
The second approach is to create what is called a pet trust. This is where you create a testamentary trust (a trust formed in the body of your will) funded with enough money to offset the costs of caring for your pet when you have passed. The caretaker will only be compensated either over time or as reimbursement. So if your designated caretaker is no longer able to care for your pet and gives your pet to someone else to care for, the trust will follow the pet.
If you are looking for ways of taking care of your pet as part of your estate plan, contact Signature Law for a free consultation to discuss what strategies might best work for you.