I often get questions from clients regarding how they should plan and provide for their pets as part of their estate plan. Far too often, pets are left to roam the streets or they are sent to the animal shelter once their owner dies or becomes incapacitated. With careful planning, your pet can continue to enjoy the quality of life that they are accustomed to in the event of your death or incapacity. There are five simple steps all pet owners should take when getting their estate affairs in order.
1. Consider establishing a Texas Pet Trust. This will allow you to designate funds in your estate plan to be used exclusively for care of your pet. Note that the person responsible for handling the money for your pet’s care does not have to be the same person who is the caretaker of your pet.
2. Designate an individual whom you trust to take possession of your animal at your death and act as their caretaker. Have a conversation with that individual about their responsibilities. Also, consider an alternate caretaker who would assume responsibility if the initial caretaker could not act.
3. Consider what kind of provisions you’d like to include in your pet trust. Should the caretaker be required to take your pet to the veterinarian for annual check- ups? Should the caretaker be required to feed your pet a certain type of food? The sky is the limit regarding specific instructions for your pet’s caretaker.
4. Decide what individual or charity should receive any funds leftover in your pet trust. Pet trusts typically last for the life of your pet, or if you have multiple pets, for the life of your last surviving animal. Designate that any leftover funds go to a beneficiary who is not your pet’s caretaker. This will ensure that the caretaker doesn’t have an incentive to keep your pet alive.
5. Work with an estate planning attorney who is experienced in helping people plan for the care and maintenance of their pets. There are several ways to structure your affairs to ensure that your pet gets the care they deserve. It is not uncommon for individuals to desire that their loyal companions be provided for.
Skeen Law attorneys have had years of experience establishing and maintaining pet trusts for many clients. If you would like to speak with me about your particular situation regarding a beloved pet, contact me at (210) 202-1141 to schedule an appointment.
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