Pet Trust Hidden Heading
When you plan your estate, you leave inheritances to beloved family members. Most of them are of the two legged variety, but what about your pets? You should definitely consider pet planning as well when you are shaping your legacy plan, and it may be easier than you think.
Simple Will Limitations
If you use a will to state your final wishes, you provide direct inheritances to the people that are named as beneficiaries. Theoretically, you could leave a bequest to someone who has agreed to care for the pet if you predecease your fine furry friend.
However, this would not be a legally binding agreement. The person that receives the inheritance can do whatever they want to do with the money. Even if you name someone that you trust implicitly, circumstances can change, and they may not be in a position to care for the pet.
Pet Trust
A pet trust can be the ideal pet planning solution, and here’s how it works. First, you establish and fund the trust. You don’t have to be concerned about assets that may remain in the trust after the pet’s death. Any remainder would go to a successor beneficiary that you designate.
The trustee that you name when you draw up the trust will manage the assets. They do not necessarily have to act as the caretaker for the pet. You can use someone you know personally to be the trustee, but there is another option.
Trust companies, the trust departments of banks, and other professional fiduciaries provide trustee services. There is a fee involved, but it can be money well spent if you want to be certain that the trust is administered properly for as long as it takes.
Specific Instructions
When you are drawing up the trust agreement, you leave instructions with regard to the way you want the pet to be cared for if you pass away first. You can be very specific about the type of food they eat, treats, exercise scheduling, veterinary care, and any other details you want to include.
Pet Ownership for Seniors
In light of dog and cat lifespans as compared to humans, pet owners typically outlive their pets. This dynamic is quite different for senior citizens, and many older people experience loneliness late in their lives.
Pet ownership can be transformative for these folks on multiple levels. The companionship is key, and you have a renewed sense of purpose when you have a pet that depends on you for everything.
Experts state that pet ownership is good for your mental and physical health as well. If you have a dog, you have a reason to go out for walks, and you may strike up acquaintances along the way.
In spite of these benefits, many seniors will take pause because of longevity concerns. This is where a pet trust can enter the picture to facilitate responsible pet ownership for seniors.
Houston, TX Pet Planning: Take Action Today!
We can help you put a plan in place that will cover all your bases and provide total peace of mind. You can set the wheels in motion by calling our Houston, TX estate planning office at 281-759-3213, and you can alternately send us a message through our contact page.
