Do you have a pet you want to ensure has a good home and are well taken care of following your passing? Be aware that such provision allowances vary from state to state. While many pet parents view their pets as they would their own children, provisions for pets fall into a completely different category. Pet owners value the idea to provide care and comfort similar to children, but laws dictate that they be treated as possessions in some states. Based on the residence of the pet owner, … [Read more...] about About Estate Planning for Pet Owners
What is your plan for taking care of your pet after you’ve passed away? If you are thinking about establishing a pet trust to ensure your pet is well cared for, there are some things you’ll need to let your pet’s guardian know. For instance: Your Pet’s Habits and Quirks You and your pet share a home, so you’re well aware of its feeding schedule, when it needs to go for a walk, and what its favorite toys are. You also know how to deal with your pet’s quirks, whether they include a morbid fear … [Read more...] about What Your Pet’s Guardian Needs To Know
Sometimes, our pets can seem so much like our children that it’s hard to remember they’re not actually people. And when it comes to estate planning, it’s easy to make the mistake of treating a pet like a person by including Fido or Fluffy in your Will, and leaving property directly to him or her. The problem with this is that, in the eyes of the law, pets are property themselves, so you can’t leave property to them. There are two ways to provide for your pet after you’re gone. 1. Leave … [Read more...] about Estate Planning Mistake: Leaving Money to Your Pet
It’s something that might not immediately spring to mind during the estate planning process, but if you’re a pet owner, you’ll want to think about including your pet in your estate plan. If your pet is left out of your estate plan, then it’s treated like the rest of your property. For lucky pets, this means a new life with a loving, caring family member. For the unlucky ones, though, the future can be bleak – often pets wind up without a home when their owners die. So, how can you make sure … [Read more...] about What Will Happen to Your Pet When You Pass Away?