Houston Estate Planning and Elder Law Attorney Blog
For many of our clients and their loved ones, pets are a part of the family. It therefore makes sense to include a provision in these clients’ wills or estate plans to make sure their pets are well-protected. One mechanism that pet owners can insert into their estate plans to protect their furry friends is the pet trust.
What is a Pet Trust?
A pet trust is a legal tool that provides for the care of a pet in the event of the owner’s death or incapacitation. The pet trust typically names a person that will care for the pet if the owner can no longer do so. The trust also typically has funds in it that are used for the pet’s care once the new owner steps in.
What Are Some Important Considerations of a Pet Trust?
There are several things each pet owners should consider when forming a pet trust. First of all, naming a beneficiary is crucial, and you should be sure that you communicate with your beneficiary before putting their name in your estate planning documents. If the beneficiary learns that he or she is caring for your pet only at the time of your death, this could come as an unwelcome surprise.
Secondly, you will want to consider your pet’s needs and lifestyle when deciding how to fund the trust. Does your pet have high medical bills? Does your pet regularly attend doggy day care, or are there other expenses that might overwhelm the new owner over time? By properly and appropriately funding the trust, you can take the pressure off the pet’s new owner and make sure you set your pet up for future success, both in the short-term and in the long-term.
How Do I Go About Setting Up a Pet Trust?
The pet trust should be one part of a larger estate plan, which should be done in coordination with a detail-oriented Houston estate planning attorney. Retain an experienced legal professional to help you figure out how to fund the trust and what (if any) additional provisions should go into your pet trust. By having an expert formulate and execute the document, you can adequately care for your little one long after you are gone.
Contact Our Firm McCulloch & Miller for All of Your Estate Planning Needs
If you are thinking through the various tools that could be helpful in your estate plan, give our office a call at McCulloch & Miller. We are a group of experienced Houston estate planning attorneys with the skill and comprehensive understanding to help you meet your financial and personal goals. For a team that cares about your loved ones (including your pets!) and their success, give our team a call.
To set up a consultation with a Houston estate planning attorney from our firm, call McCulloch & Miller today at 713-597-7176. You can also fill out our online form, and an attorney will reach out to talk with you about the details of your case. We provide a vast array of legal services related to estate planning, probate, trust administration, special needs planning, elder law, and more.