Wednesday, December 18, 2013
Pets may be considered property, but don’t rely on a will to provide for the continuing care of your pet. Establish a pet trust instead.
You can use a will to fund a pet trust, but what if you were to become disabled? Make sure to fund the trust while you are alive to provide for your pet’s living and care expenses. Also, be sure to consider any applicable income taxes.
Be wary of do-it-yourself pet trusts, which may not fully ensure your instructions are legally enforced.
See Gregory Herman-Giddens, 3 Mistakes in Pet Trusts, North Carolina Estate Planning Blog, Nov. 27, 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.