How Do You Provide for Pets When Planning Estate?
October 25, 2012 By Frank & Kraft, Attorneys at Law
If you were to get yourself a dog or cat as a senior citizen you may be taking a very positive step. It is not uncommon for elders to experience a sense of loneliness and pet ownership can certainly make a big difference. However, when you are planning your estate you must ask yourself what would happen to your dog or cat after you pass away.
There are ways to make provisions for your pets when you are drawing up your estate planning documents, and this is something that you would want to discuss with your attorney.
One possibility would be to provide a direct inheritance to the individual that will be caring for your pet after you pass away. Another would be to create a pet trust for the benefit of your dog or cat.
Pet trusts are becoming more popular as people become aware of their existence. There was a news story of sorts circulating a while back regarding the trust that the actress Betty White has created for her golden retriever Pontiac. She placed millions of dollars into the trust to make sure that the retriever would not be wanting for anything in the event of her passing.
You may feel as though this is a bit excessive but you get the idea. Funding a pet trust for the benefit of your pet can be a good solution, and once you have taken this step you can go forward with the peace of mind that goes along with knowing that your four-legged friend will be provided for come what may.
ABOUT THE AUTHOR: Paul Kraft
Experienced estate planning attorneys Indianapolis IN of the Frank & Kraft Attorneys at Law offers estate planning and business planning resources to residents of Indianapolis IN.
Copyright Frank & Kraft, Attorneys at Law
More information about Frank & Kraft, Attorneys at Law
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
One possibility would be to provide a direct inheritance to the individual that will be caring for your pet after you pass away. Another would be to create a pet trust for the benefit of your dog or cat.
Pet trusts are becoming more popular as people become aware of their existence. There was a news story of sorts circulating a while back regarding the trust that the actress Betty White has created for her golden retriever Pontiac. She placed millions of dollars into the trust to make sure that the retriever would not be wanting for anything in the event of her passing.
You may feel as though this is a bit excessive but you get the idea. Funding a pet trust for the benefit of your pet can be a good solution, and once you have taken this step you can go forward with the peace of mind that goes along with knowing that your four-legged friend will be provided for come what may.
ABOUT THE AUTHOR: Paul Kraft
Experienced estate planning attorneys Indianapolis IN of the Frank & Kraft Attorneys at Law offers estate planning and business planning resources to residents of Indianapolis IN.
Copyright Frank & Kraft, Attorneys at Law
More information about Frank & Kraft, Attorneys at Law
View all articles published by Frank & Kraft, Attorneys at Law
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
