Estate planning for pets is very important if you are a pet owner. Your animals depend upon you to provide them with safety and security. If something happens to you, you do not want your beloved pets to be vulnerable to having to move to a shelter or to end up homeless. You should take action well in advance of the time when something happens to you to ensure that your pets will always be safely provided for.
Mark S. Eghrari & Associates, PLLC can help. We can work with you to make a comprehensive estate plan that includes your pets or can simply help you to put provisions in place to make certain that your animals will continue to enjoy a high quality of life even if you are not able to continue to care for them because you become incapacitated or due to your death. Give us a call today to find out how we can help you and to get started on the pet planning process.
Tips on Estate Planning for Pets
Estate planning for pets should involve the fulfillment of two primary goals: finding a caretaker who can be responsible for your pets after you become incapacitated or pass away and making sure there is money available to provide for the needs of your pets if something should happen to you.
You should talk with your loved ones about who could serve as a caregiver for your pets after you are gone. Once you have identified both a primary person to serve as guardian and a back up person who can take over the care of your pets if your first choice person becomes unable to care for the animals, you should reach out to Mark S. Eghrari & Associates, PLLC to provide detailed instructions about who will be in charge of caring for the animals.
You will also need to make a financial plan for your pets care because it can be very expensive to provide for animals, especially if your pets develop health issues as you get older. While you could leave money in your will, your animals can’t directly inherit of course and it can be difficult to ensure that the money you leave is actually used for the purposes for which you intend.
A better solution may involve creating and funding a trust. You can specify in your trust document exactly what the money must be used for and can provide instructions for what happens to any remaining funds left over after your pet passes. For example, many people will create a trust for the care of their pet and will specify that any funds remaining are donated to an animal rescue charity.
When you create a trust, you choose a responsible trustee who has a fiduciary duty to manage the trust assets in an appropriate way. The trustee will have to follow your instructions for how the trust assets are to be used, so will definitely need to use the funds to pay for your pet’s care in a manner you instruct in the trust document.
Getting Help from Estate Planning Attorneys
At Mark S. Eghrari & Associates, PLLC, we know that your pets are family too. Our compassionate and knowledgeable legal team works with you to make a comprehensive plan to provide appropriate care for your animals and all of your loved ones after you are gone. We can help you to make use of the most effective legal tools available to best provide for the people and pets that you care about.
To find out more about how we can help you with estate planning for pets and with other estate planning issues, join us for a free seminar. If you are ready to get your personalized plans underway and ensure that your animals will be cared for even if something should happen to you, give us a call at (631) 265-0599 or contact us online today.