The Importance of Pet Trusts
Who can you rely on for unconditional love, loyalty and companionship? For those of you who have pets, you know the answer to that question. When I sit down with clients to devise an estate plan, most often their concern is for their spouse, children, brothers and sisters, and grandchildren. But what about Felix and Fido?
Pet Trusts are a wonderful estate planning tool that I can utilize to ensure your pet is cared for in the same diligent and loving manner as you have cared for them. Pet Trusts also give you the unique opportunity to name a caretaker (and alternate caretakers) for your pet in the event of your incapacity or death. I can draft specific provisions that instruct your caretaker as to what brand of food to feed your pet, how much exercise to give, what veterinary hospital to go to, etc.
Why a Pet Trust Instead of a Specific Devise in a Will?
Pet Trusts safeguard your hard-earned assets by providing essential checks and balances to make sure that the money you set aside for your furry friend is being used exactly as you intended it to. With a simple will, the money you set aside is disbursed to the person you name and it is up to their discretion to use the funds as they see fit. You can even get a little creative with Pet Trusts and direct that an annual bonus be awarded to the caretaker of your pet upon a satisfactory annual veterinary check-up.
If you have a pet that you would like to provide for by means of a Pet Trust, please contact Board Certified Elder Law Attorney, Kathleen Flammia at 407-478-8700 to schedule a consultation.