Using trusts to protect a beloved pet

| Sep 7, 2017 | Trusts |

The vast majority of people in Georgia worry about their family, especially about a time in which they may be unable to provide care. As a result, many people go through the estate planning process to ensure that their family members are provided for when they are no longer around to do so themselves. Because many people consider their pets to be parts of their family, some take measures, including the creation of trusts, to help protect their furry family members.

A recent survey reveals that approximately 85 million families in the United States have a pet. Regardless of whether the pet is a turtle or a dog, owners are often concerned about what will become of them. Fortunately, there are options available.

In some cases, pet owners designate a beneficiary who will both inherit the pet and money to provide care. However, for those who want more control over the care their pet will receive, a pet trust can be utilized. Once created, the settlor, or person who creates the trust, must make decisions regarding how to properly fund the trust and how leftover funds will be handled following the pet’s death.

Often, when trusts are created for pets and owners leave them large sums of money, it creates a great deal of media attention. However, it may not be necessary to leave $300,000, as one woman in another state did. An experienced estate planning attorney can help pet owners in Georgia create the trusts they need with the necessary provisions to ensure that a beloved animal receives the care it requires.

Source: foxnews.com, “How to care for your pets after you die — and what you should never do“, Sept. 1, 2017