Animals and Estate Plans, two words you don’t often hear together, do you? Well, they actually go together as well as peanut butter and jelly!
Read more on this topic, in the article I published in Fetch, RI new additional of their Fall newsletter. (text below)
Interested in learning even more? Join me on October 15 as I present at Fetch, RI on this topic. Click Here to Register.
***************************
Fetch, RI Fall Newsletter
'Estate Planning and Animals'- David Craven, Esq.
Animals and Estate Plans, two words you don’t often hear together, do you? Well, they actually go together as well as peanut butter and jelly!
When an individual sets up an Estate Plan, I always advise them to create important documents that will allow people they love to take care of them if anything were to render them incompetent, unresponsive, or unable to take care of themselves. Those important documents are items like: living wills, health care power of attorneys, and financial powers of attorneys. On top of that, we talk about how they want to “take care of others” after they pass, and those “others” can include their family members, both human and furry, as well as gifts and donations to organizations, like an animal advocacy group.
Through different Estate planning tools (a Last Will & Testament or a Trust), you can guarantee that your family pet is taken care of. There are ways to ensure the pet goes to the individual you want and to leave money for his/her care. I have seen informal agreements fail to be carried out, and accordingly, always advise clients to include their pet in their formal Estate Plan, rather than leave the pet’s fate up to a “handshake”. Depending on your wishes, you can leave a lump sum for the care of your dog, or setup an entire trust to care for your horse, detailing out everything from who will train the animal to who will make the difficult call on euthanasia.
Some individuals really want to give money to a specific Animal Advocacy Organization. I often find that individuals think they need to make donations while they are alive but are hesitant to give money away, since they fear they may need it for their own long term medical care. There are many ways to leave money to an organization upon one’s death. With a good attorney, you can be creative on how you use your assets and setup your Estate Plan, so that the money goes for the purpose you desire. Depending on how complicated and specific your wishes are, there are many different options ranging from a one-time lump sum donation to setting up a fund or a trust specifically for on-going donations.
Planning early, and with an attorney, will save you and your loved ones from ending up in a costly and even more stressful situation than necessary regarding your care. You’ll also give yourself the peace of mind knowing that your loved ones, be it furry or human, are taken care of, and afford yourself the opportunity to gift money to an animal loving organization if you so choose.
I’ll be at Fetch on October 15th. Feel free to join me while I go into more details on the topic of Estate Planning and Animals. If you can’t make it, and would like to talk with me about the topic, feel free to check out my website, email me, or give me a call.
