One of the many reasons that adults create estate plans is for the purpose of passing their wealth and assets to their designated beneficiaries. While there is no way to know what will happen in the future, estate planning provides a way for someone to have a measure of control over potential medical care needs and what will happen to his or her Arizona property in the future. If you have a pet, you can create a strategy that will allow you to plan for the care and protection of your furry family members, even if you are no longer around to provide this care yourself.
Through certain details of your estate plan, you can ensure that your pet has care even if you pass away. One way you can accomplish this goal is through a pet trust. If you believe that you will need a pet trust, you may benefit from seeking an understanding of how you can establish this and the benefits it can provide you. With a complete estate plan in place, you will be in a better position to have peace of mind for your future.
Taking care of every member of the family
Through a trust, you can set aside and protect assets for a specific use. You may use a trust as a way to pass wealth to a minor heir, or you can preserve money for charitable giving in the future. With a pet trust, you can ensure that there is money available that will allow you to provide for your pets. This money will be secure, and you can decide what you want to happen to the assets held in the trust. As you create a pet trust, the following considerations may be helpful:
- If your pets have any special medical needs, you can account for that in the terms of the trust.
- You can decide where you want your pets to live and who will care for them.
- You can provide the financial resources necessary to pay for their long-term care, including potential future medical needs that may arise.
- You can name a person who will oversee the administration of assets held within the trust.
If you believe that a pet trust will be a beneficial addition to your existing estate plan, it is prudent to take quick action to include this. Life is unpredictable, and while you cannot know with certainty what will happen in the future, you can make plans that will allow you to look to the future with confidence knowing that the interests of your pets are secure.