Estate Planning For Your Pets
Today, more than 50 million Americans have pets that have become “part of the family.” Unfortunately, the law does not allow you to leave assets to pets. However, estate planning for pets can be accomplished to allow you to ensure your assets are available, under terms and conditions you wish, to ensure the ongoing health, maintenance and care of your pet. At the Miller Law Firm, our office manager is the President of the board of the local humane society. We know how to care for your pets, let us show you how.
Pet Trusts: Ensuring Your Beloved Companions Get Future Care
Pet trusts are legally sanctioned arrangements that allow you to set aside money and name a caregiver to help ensure your animals are cared for upon your incapacity or death. The trust remains valid until the death of the last surviving animal covered by it.
Creating a pet trust offers several advantages, including:
- Legally enforceable care, as the caregiver is obligated to follow your instructions
- Financial security by ensuring your pet never becomes a financial burden on others
- Immediate operation if you become incapacitated or pass away, helping ensure there is no gap in your pet’s care
- The trust prevents family disputes about who should care for your pet
Our experienced attorney can work with you to draft pet trusts that are enforceable and tailored to your wishes.
Your Pets’ “Succession Plan” Checklist
Planning for your pet’s future should not be overwhelming with our lawyer by your side. Follow these steps:
- Step 1: Choose a caregiver (and a backup caregiver) you trust
- Step 2: Calculate the cost of care, including food, routine veterinary visits and medications
- Step 3: Draft a letter of instruction that will serve as a guide for the caregiver
- Step 4: Formalize with our experienced estate planning attorney. You can reach out to us through our online contact form
Our goal is to help you create a plan that reflects your wishes for your pet’s care.
Estate Planning For Pets FAQ
We understand you may have questions about planning for your pets; here are answers to some of the most common concerns to help you get started.
What happens if my chosen caregiver cannot take the pet?
If your chosen caregiver cannot take the pet, you can choose the alternate caregivers. Otherwise, you may have to consider naming a reputable sanctuary or no-kill shelter as a last resort.
How much money should I leave for a pet trust?
The amount to leave for your pet trust depends on several factors, including the pet’s age, health and life expectancy. You can estimate the annual cost of care and multiply it by the number of years your pet is expected to live. It is also wise to consider emergencies and inflation when calculating the overall amount.
Schedule A “Peace of Mind” Consultation For Your Pet Today
When it comes to protecting your pet’s future, we are here to guide you. Miller Law Firm helps many clients from Cleveland, Bradley County and across Tennessee create enforceable estate plans. Call us at 423-464-6852 or contact us online to schedule your appointment.