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People may chuckle whenever they read a headline about a multibillionaire deciding to leave their entire estate to their beloved dog or cat. But the truth is, trust planning for pets is becoming more and more common; particularly in Florida, where there is a significant elder population that enjoys the companionship that a pet can provide.
Trust planning for pets may be the last thing on anybody’s mind in this tough economy. It is often difficult enough to handle proper estate planning for human heirs. But estate planning for pets does not always mean leaving everything to Fido. What it does mean is that it fulfills the deceased owner’s wishes on what will happen with the pet. Families are often left wondering what will become of the pet. Further complicating these matters is that sometimes the pets of elders who have passed on are also elderly, and caring for them or flying the pet out to a surviving family member creates a cost burden.
This is where pet trust planning can be effective and alleviate these burdens to ensure that no questions on a pet’s future are left unanswered. Pet trusts are simply an add-on to an already existing will that allows for accommodations to be made for the surviving pet. Sometimes the money can be used for an animal shelter the pet is to be placed in, or it can be used to cover medical or moving costs to send the pet to a surviving family member.
The intention of pet trusts is to ensure that the wishes of the deceased regarding their beloved companion are met. Florida residents who are in the estate planning process will find the add-on of pet trusts easy to do with the help of an estate planning lawyer. The sooner all issues of estate planning are handled, the easier it is to ensure that the wishes of the estate are maintained.