There are many Americans who consider their beloved pets to be members of the family and would like to make sure that their pet companions are provided for when they pass away. Estate planners should help their clients develop a plan for their pets after they are gone. A pet owner should find a person that they can trust who will take on the responsibility of acting as a caretaker for an owners pets should they die or become incapacitated. The pet owner should also set up a fund that will pay for the pet’s expenses so that the designated caretaker does not have to spend his or her own money. Pet trusts have been growing in popularity in a number of different jurisdictions as State governments modify their statutes to accommodate them. It is important for the owner of a pet to leave carefully written instructions so that their wishes and intentions can be properly followed.
See John H. Skarbnik, Pet Planning Considerations, Wealth Management, December 10, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
