How to Protect Your Furry Family Members in Your Estate Plan
If you have a furry family member, you are among the majority of households in the United States. Even among pet-friendly countries, the U.S. stands out for its love of furry friends. Because your furry family members hold a special place in your heart and your family, it is essential to safeguard their well-being in case something happens to you. Incorporating your pets into your estate plan ensures their continued welfare even when you are no longer able to provide or care for them yourself. Toward that end, the Indianapolis attorneys at Frank & Kraft discuss how to protect your furry family members in your estate plan.
Estate Plan Strategies to Ensure Your Furry Friend’s Care
For the countless Americans who consider their pets as cherished family members, ensuring their financial security and proper care in the event of their absence is paramount. Regrettably, many pets find themselves in shelters following their owner’s passing or incapacity due to oversight or the inability to locate a willing caregiver. Including your pets in your estate plan can prevent such unfortunate outcomes. Factors to consider when attempting to secure your pet’s future include:
- Designate a beneficiary in your Last Will and Testament. You undoubtedly do not think of your pet as an asset; however, the law does. With that in mind, one option is to designate a trusted individual to assume ownership of your pet in your Will. Additionally, you can allocate a specific sum in your Will to support your pet’s care. Because you cannot leave money directly to your pet, the trustworthiness of the chosen individual is crucial for the successful execution of this arrangement. A disadvantage to using a Will is that it lacks oversight and enforceability.
- Establish a pet trust. Consider setting up a trust to legally ensure your pet’s ongoing care. This trust would designate a caregiver and stipulate funds to be used exclusively for the pet’s benefit. Within the trust agreement you can provide detailed instructions for your pet’s care as well as instructions for how the trust assets may be used and what happens to them after your pet passes away. While establishing a pet trust may incur additional costs, it offers the advantage of legal enforceability and ensures oversight through the Trustee appointed by you.
- Designate a rescue organization. If you do not have someone in mind to take over the care of your furry family members, you may wish to consider specifying a reputable rescue organization, animal sanctuary, or local shelter as the recipient of your pet. You may also consider making a donation to the organization as a gesture of goodwill. This option is particularly pertinent for pets with unique needs or those requiring specialized care facilities.
- Informal arrangements. If you have informally arranged for a friend or family member to care for your pet and there is mutual agreement without ownership disputes, communicate these arrangements to the Executor of your Will. While this is a simple solution, keep in mind that it is not legally enforceable. Moreover, your designated caregiver could be unwilling or unable to follow through with the agreement when the time come due to death, disability, or other changed circumstances.
Failure to make explicit provisions for your pet may place the responsibility on the Executor of your Will or the court, potentially leading to your pet ending up in a shelter. Be sure to discuss effectively articulate your pet care preferences to your estate planning attorney to avoid undesirable outcomes. By taking these proactive steps, you can ensure that your furry family members receive the care and attention they deserve even after you are no longer able to provide it.
Do You Questions about Including Your Furry Family Members in Your Estate Plan?
For more information, please join us for an upcoming FREE seminar. If you have additions questions or concerns about pet planning in your estate plan, contact an experienced Indianapolis pet planning attorney at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.
Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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