Estate Planning Attorney | While most of the estate planning focused on passing down assets or protecting surviving people like spouses or children, there are some nontraditional ways you can also protect your furry friends that you care for. If you’re concerned about what could happen to your pets if you become incapacitated, speak with an estate planning attorney who can discuss the possibility of a pet trust.
A pet trust is a tool that can be used in your existing estate plan that provides a care strategy for your pet if you are no longer able to care for them. These are often incorporated into the overall estate plan, but could also stand alone as an individual trust. An estate planning attorney can help you set these up.
It’s important to decide how much money you want to leave for the care of your pet. From there, you want to decide when the trust becomes active. Is it when you’re no longer able to care for them? Or when you pass away? Discuss this with your attorney and determine the best situation for you. You can also designate a caretaker who will tend to your pet. Once your pet passes away, the trust will expire and any remaining money will be distributed to the beneficiary you designate.
While a pet trust may seem silly, it’s important to remember that estate planning is protecting those you love — even your animals. Additionally, a pet trust can ensure that in all the moving pieces of your estate, your animals are taken care of and there is no miscommunication about what’s expected or what your wishes are.
If you want to protect your animals after your death, speak with an estate planning attorney to set up a pet trust. The lawyers at The Law Office of Michelangelo Mortellaro can help you with this. Contact us today to learn more!