What do you need to know?
Estate planning for your beloved pet
Do you own a pet? If you do, you no doubt think of it as being a part of your family. It may be hard enough to find someone to care for your pet while you are on vacation, but have you ever stopped to think about who would care for your pet in the event that you became incapacitated or passed away? Surprisingly, many people have not! What dangers are there to not doing pet planning?
The Dangers of Not Doing Pet Planning
Statistics show that Americans own over 143 million dogs and over 94 million cats. But each year, 2.7 million dogs and cats are put to sleep due to animal shelters being too full of abandoned pets. There are simply not enough adoptive homes. So the question remains, if you became incapacitated or passed away, what would be the outcome for your pet with the current estate plan that you have in place? It is truly something to think about!
How can you plan for your pet?
As you know, with owning a pet, there are two main aspects.
Providing for daily needs
Providing for their financial needs
So the question arises, how can you plan for your pet? There are a few different options, one of those options is simply gifting funds to a proposed caregiver who would take care of your pet after you are unable to do so. However, this option is limited, in that it does not allow you to have continued oversight in a legally binding way for the care that your pet will receive.
Another way to plan is to create a Pet Trust. This Trust is different from a Living Trust, in that the beneficiary is a named animal. In this Trust, you will be able to appoint a Trustee who will care for your pet's day to day care. You can also include what veterinarian you would like them to see, what brand of food you want them to eat, and whether or not you would like them to be bred. In essence, this type of plan allows you to make the decisions for your pet even after you are unable to do so.
At Schneider Rasche LLC we can help create a plan that will ensure that your pets are taken care of. Call us today at (503) 241-1215 or contact us online to find out how you can get a complimentary one hour appointment.
Estate Planning Article
This report is compliments of Schneider Rasche LLC and was written by The American Academy of Estate Planning Attorneys.