According to a 2018 study by the AVMA (American Veterinary Medical Association), approximately 57% of all US households have at least one pet. So, what happens to your pet when you die or become incapacitated? Planning ahead can give you peace of mind knowing that your pet will be cared for after you’re gone. There are several ways to do this. You can include a provision in your Last Will & Testament. You can set up a separate Power of Attorney. You can include a provision in your Revocable Living Trust. Or you can create a separate special needs trust specifically for the care of the animal. All of these estate planning tools will allow you to name a future caretaker and provide funds for the maintenance, health, and wellbeing of the animal.
Regardless of which avenue you chose, meeting with an experienced estate planning attorney will allow you to choose the best document for your needs and provide peace of mind, knowing that your pet will be well taken care of in the case of your death or incapacity.
For additional information contact Cari Rincker at cari@rinckerlaw.com.