If you love your pet as you love your children, spouse or parents, then you likely wish to provide for him or her in the event of your death. From a Henry County estate planning attorneys perspective, one of the easiest ways to do that is to create a pet trust. A pet trust is relatively easy to create and offers numerous benefits that can help put your mind at ease with regard to your pet’s care in the event of your death.
A pet trust operates the same as any trust, except that the beneficiary is an animal, not a human. Because of this, you will also need to arrange for someone to have the physical, day to day, care of your pet after your death. By creating a pet trust, however, you can ensure that the person who cares for your pet will have the financial means to do so. In addition, you can designate a neutral person as trustee to ensure that the trust funds are used for the benefit of your pet.
Creating a pet trust can also offer tax advantages that simply leaving money to someone in your will does not offer. Finally, a trust also offers the potential for asset growth. By funding a trust now, the trust assets can begin to grow immediately. In the event you outlive your pet, or the trust assets perform especially well, you can designate a remainder beneficiary to receive the trust funds.
Pyke & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.