Pets And Your Estate Plan
The motivation to start on your estate plan often begins with a terrible fear that strikes you in the middle of the night. It begins, “If I died tomorrow, what would happen to” and then ends with the names of the people and things you care about the most. What would happen to your children? What would happen to the diary you have been writing since you were a teenager and your mother’s diaries which you have kept since she died? What would happen to the secrets you have never told anyone but are determined not to take with you to the grave? What would happen to the money you have saved through a lifetime of frugality? Would the IRS take the lion’s share? If your pets are the subject of your estate plan-starting worry, you are not the only person who has started their estate plan this way. Even though estate planning is necessarily about long-term plans, and even though most household pets have a life expectancy of less than 20 years, it makes sense to account for your pets in your estate plan. To ensure that your dog will have a true friend to play fetch with after you are gone, contact a Tampa estate planning lawyer.
Before Someone Inherits Your Pets, Make Sure They Are Willing to Inherit Them
If you are old enough to build an estate plan, you are old enough to know that your pets cannot inherit property from you. Legally, domestic animals count as personal property. If you die without a will, the court will assign ownership of your pets to your nearest surviving relatives; it will also do this with your furniture, your jewelry, and all your other possessions. Once the heirs become the legal owners of the inherited property, they are free to do with it as they choose, including selling it or giving it away. If you can’t stand the thought of someone doing that with your pet, then choose wisely when choosing a beneficiary to inherit your pet. Talk to the prospective beneficiary about the possibility of inheriting the animal. You probably have someone in mind already, a family member or friend who knows your pet well and with whom your pet feels comfortable.
Establishing a Trust for the Care of Your Pets
Taking care of a pet costs money, but the person who will inherit your pet should be someone for whom paying for dog food and vet visits will not be burdensome. You can even leave that person an amount of money to cover the pet’s expenses. If you want the pet to continue living in your house after you are gone, you should set up a trust. Fund the trust not only with the pet’s expenses, but also the expenses of the house and the salary of a person who will take care of your pet.
Contact David Toback About Your Estate Plan and Its Four-Legged Beneficiaries
A Central Florida estate planning lawyer can help you account for your pets in your estate plan. Contact David Toback in Tampa, Florida to set up a consultation.
Source:
businessinsider.com/trouble-leona-helmsley-dog-died-2011-6
