Many animal lovers are concerned about what will happen to their beloved pets should they predecease them. Unfortunately, you cannot leave assets directly to an animal (they can’t get a social security no.) On a serious note, there are legal tools and methods to ensure that your pets are taken care of. They are “property” and can be left to a beneficiary.
The hard part is making sure there are funds available to care for what animals are still living when you pass. In rare cases, family members may object when they discover you left money to your animal or in trust. Although the animal can not be a beneficiary of a trust, the trustee can be directed to make distributions for the benefit of the animal(s). Language can also be inserted stating anyone challenging the trust is removed as a beneficiary.
In summary, there are two issues to address: 1. Who gets the animal and 2. What mechanism do you have to provide for the expenses for the pet’s lifetime?
For more information, please contact David Disraeli at 512.350.4159