When it comes to estate planning, most of us update our wills and name beneficiaries of insurance policies and retirement funds so that our heirs and favorite charities will be provided for.
But what about our pets?
What will happen to your pets if they outlive you? Have you considered including your four-legged loved ones in your estate plans?
Depending on your family, financial and tax situation, you may provide for your pet’s care and support within the provisions of your will or in a trust document. For many people, the best approach is to execute a revocable trust incorporating provisions for pet care. Here’s why:
- A revocable trust can easily be revised to add or remove a pet.
- With a revocable trust, the assets you allot for your pet(s) are not tied up in probate, which can take a great deal of time and leave your pets without care.
- Generally, assets in a revocable trust are not taxed as part of the estate.
Should you change your will or create a revocable trust to provide for your pet(s) in your estate plans? Only an attorney familiar with your situation and estate planning law knows for sure.
As veterinarians, we can’t provide legal advice, but if you are concerned about providing for your pet’s welfare in your estate plans, we encourage you to to ask a competent, licensed attorney.