Estate planning for pets is growing in popularity
Many Nevada residents consider their pets to be part of the family. As such, they wonder what would happen to their beloved companions if they pass away. Fortunately, the concept of including provisions for pets in estate planning is growing in popularity.
It is recommended that people with pets carry a card in their wallets with information such as where the pets are and who to call if they are seriously ill or injured or if they die unexpectedly. With so many issues to be taken care of when a loved one is either incapacitated or deceased, pets can easily be overlooked. Many people are beginning to recognize this fact and are even setting up trusts for their pets’ care.
Of course, pets are not able to inherit assets directly, but assets can be left in a trust to pay the expenses for them. The trust can include vital information such as the name, address and phone number of the veterinarian, any food allergies and other special care needs such as a specific type of food. When the last animal provided for by the trust dies, the remainder of the trust’s assets, if any, are distributed to either a designated person or entity, such as a charity.
As part of taking care of their families, most Nevada residents do not think twice about providing for surviving members after their deaths through estate planning. However, it can be easy to forget that their pets will need someone to look after them as well. The knowledge that a plan is in place to ensure that any pets are cared for can provide peace of mind to them and their surviving family members.
Source: unionleader.com, “Estate planning for Fido: Providing for your pets after you’re gone“, Corbie Hill, Jan. 2, 2016