It’s National Pet Day, and for many of us, our beloved pets are not just our best friends, but they are family. They give us tremendous joy and love and support every day. There are emotional attachments and financial investments as well, especially with larger animals such as horses, or pets who live very long lives such as exotic birds. For these reasons, it is important to consider your furry or feathered (or even scaled!) family members in your estate planning. Who will take them in and care for them if something happens to you? Who will pay for the care they will need?
You can include provisions in your Will or Living Trust as to who you wish to take care of your pet and even leave a certain amount of money to that person to financially provide for your pets. But what if you want to do more to ensure their care? You could create a pet trust for your pet or pets.
Pet trusts are legal arrangements, recognized and governed by statutes in some states (Illinois being one), in which a person provides for the ongoing care of their pets upon their death or incapacity. These trusts allow pet owners to ensure their pets are taken care of after they can no longer care for them. The pet owner will name a trustee and a caretaker (which may be the same person or different people) who will manage the funds left to the pet trust and provide care for your pets according to your wishes as set forth in the pet trust. The trust can provide instructions that are specific to your pet’s particular needs, habits, etc., and identify a preferred vet, for example. Finally, the pet trust can specify your wishes for the end of your pet’s life and who should receive any funds remaining in the trust following your pet’s passing.
Contact Kelleher + Holland, LLC To Set Up Your Pet Trust Today
At Kelleher + Holland, LLC, we can help you establish a dedicated pet trust to ensure your animals are protected and provided for, just like any other loved one. A properly structured pet trust offers peace of mind that your furry, feathered, or scaled companions will continue to receive the care and attention they deserve, no matter what life brings. Let us help you create a plan that honors the bond you share with your pets.