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Caring for Your Pets
As pet owners, we all want the best for our furry friends. They bring us joy, companionship, and unconditional love. But what happens to them if something happens to us?
Estate planning is crucial not only for our families but also for our pets. A pet trust is a legal arrangement that ensures the proper care of our pets in the event of our incapacity or death. You can also plan for your pets by including them in your will or trust.
A pet trust is a legal arrangement where a trustee holds property for the benefit of a pet. The trustee is responsible for managing the property and using it to provide for the pet's care, including food, shelter, medical expenses, and other necessary expenses. The trust can also designate a caretaker to provide daily care for the pet.
Pets are considered property under the law, and if you do not make arrangements for their care after you pass away or become incapacitated, they may end up in a shelter, with relatives who may not be able or willing to care for them, or even worse, abandoned or euthanized. A pet trust ensures that your pet will receive the care they need and deserve.
Creating a pet trust is similar to creating any other trust. You will need to select a trustee, a caretaker, and specify the property to fund the trust. You will also need to specify the terms of the trust, such as the pet's standard of living, medical care, and other necessary expenses. You may also want to include instructions for the disposition of any remaining trust property after your pet passes away.
What Happens if You Don't Have a Pet Trust?
If you don't have a pet trust, your pet's care will be left to chance, and without a will or trust, they will be distributed according to the state's intestacy laws. This means that your pet could end up in the wrong hands or even euthanized.
A pet trust is a valuable estate planning tool that ensures that your furry friends receive the care they need in the event of your incapacity or death. By taking the time to create a pet trust, you can rest easy knowing that your pets will be taken care of in the way you intended.
If you have questions about pet trusts or estate planning, contact us today at (564) 208-7952 or info@liskalawllc.com.