Most of us think to make sure our children are taken care of but are we remembering our fur family?
If you are considering an estate plan, then you care about the future of your loved ones. And, rightly so! It is your responsibility to ensure that your dependents do not suffer if you lose your strength or pass away. At least, monetarily, your family will not suffer.
That being said, what about the pets? If you have pets, you would naturally want to protect them as well in case something happens to you.
What if we tell you that a part of estate planning also allows you to offer protection to your pets? It makes sure that the pets of your house receive full care no matter what happens to you. Both estate planning and implementation can take a lot of time. However, the best part is that the plan is highly customizable and hence could cater to all your needs and requirements. It does not matter how many pets you have or the care you want them to receive.
This article has tried to comprehensively guide you on how you can plan for your pets if you are no longer around. Whether you pass away or are struggling with certain problems, The estate plan will be able to help them.
Here is how you can make sure that your pets receive the care and comfort you wish for them.
Pet trust
This is by far, the most effective tool when it comes to estate planning for pets. Like every other trust, a pet trust is also a company designed to cater to your pet's needs. It is specifically to ensure that there are no outstanding payments in the event that you pass. Whether it is veterinary care or day-to-day essentials, pet trusts make sure to meet all of their needs.
You can rest assured as a pet trust will be legally responsible for taking care of your pet. They are accountable for whatever money you leave for them. One can sue if the pet trust or the caretaker fails to fulfill the agreement.
Let’s see how you can create trust.
Terms and conditions
First and foremost, you must identify the pet(s) that you will send to the trust. In other words, you expect the trust to take care of the following pets in the event of your death. Once you have done so, you can move on to thinking about the kind of pet care you want for your pets.
For instance, if there are any specific requirements with respect to your pet’s food intake, you can include those in the document. Then there are contingency clauses that are to be effective as and when certain circumstances crop. It could be your pet contracting an incurable illness.
Selecting the caregiver
Once you have all the terms and conditions in place, you can move on to selecting a caregiver for your pet. A caregiver refers to an individual or organization that will be taking care of your pet in your place. However, a caregiver only does so in case the owner is no longer there. They do not have the right to transfer ownership.
In addition to this, the caregiver is bound to follow the terms and conditions that you listed. If the caregiver fails to comply, the trust holds power to remove them and hire a new one.
Make sure to see that the caregiver you are planning to choose is willing to take up the responsibility with all their heart. For something like taking care of a pet, a person must be responsible. Hence, make sure you have thoroughly taken the decision.
The Beneficiary
Basically, the beneficiary refers to a person or an organization that is eligible to receive all the assets' benefits. Here, your pets will be the beneficiary. You need to mention each pet you that you wish protection for. You can do so by mentioning their name or submitting their photographs.
Conclusion
Don’t know where to start? Don’t worry!
If you are looking for a bit of professional advice when it comes to estate planning for your pets, feel free to reach out to Steve Lutche at slutche@slhslaw.com with the law firm of Snee, Lutche, Helmlinger & Spielberger, P.A.
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