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< ESTATE PLANNING FOR PETS

Planning for Life

Kyle A. Krasa, Esq.

To My Dog, Lucky, I leave $10,000

Pets hold an important place in our hearts and homes. As a result, a trend has developed whereby people look to providing for their pets in their Estate Planning. In 1993, Doris Duke, heiress to a tobacco fortune, left $100,000 to her dog, Rodeo. Actress Betty White’s Estate Plan reportedly leaves her entire estate to her pets. States are increasingly recognizing the validity of Pet Trusts.

How Does a Pet Trust Work?

You create a Trust and name a Trustee to hold funds for the benefit of your pet. The funds are designed to assure that there will be money available to provide for your pet’s needs. The amount left to the Pet Trust depends upon factors such as the type of pet and its life expectancy.

You can specify the caretaker of the pet and backup caretakers. You can set forth your exact wishes for the pet, including: diet, daily routine, toys, grooming, socialization, medical care, and disposition of the pet’s remains. The trustee and caretaker may be the same person, or you may choose different people for each role. By choosing different people, it provides a check and balance.

Pet trusts can be a great way to ensure your pets are cared for, even after you are gone. A qualified estate planning attorney can help you plan for your pets.


For more information, call Kyle A. Krasa at 831-649-1122
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ESTATE PLANNING FOR PETS

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