Pets have their special place in households. We cherish their love and companionship.
However, there are some animals that become more than pets.
Let’s take the example of horses. They are a lot more than just being loving members of the family. Horses are a valuable investment who become your companion in exercise, assist in therapy, and a partner to explore the world with.
Similarly, some dogs are therapeutically trained to save lives.
Such animals deserve legal protection in return for their favors. This is where wills and pet trusts step in.
What is the Difference Between Will and Trust?
While planning for your pet, you have to decide whether you want to create trust for your pet or do you want to plan in your will.
Generally, the latter is the less expensive and easier way to plan. However, wills are not enforceable once invalidated by a court.
In the case of trusts, you require more planning and involvement. But there are higher chances that your wishes would be carried out. If your trustee is unable to proceed with your wishes, he would be replaced with another trustee and caretaker by the court.
In addition, you have to wait for your trust to get administered, which is not the case with a will.
Issues to Address
Regardless of what you choose for your pet, the following issues need to be addressed in trust and a will.
- Ownership of the pet
- You need to take care of the medical care, transportation, and all the other expenses related to the pet. Additional insurance costs can also be incurred.
- Appoint the remainder beneficiary for the cost that remains in the trust (if any)
- If the pet generates income in any way, then who would receive the money
Above are the issues to be addressed while estate planning for your pets.
If you need any further assistance, don’t hesitate to contact Keystone Estate planning and Asset protection.