Estate Planning For Pets
Pets are not allowed to be beneficiaries of a living trust or will. However, a living trust can hold money for the benefit of the grantors pets.
While this idea may sound silly, if you are a pet owner, calculate how much you spend annually on food and vet bills for your pets.
If you plan on a family member or friend adopting your pet should something happen to you, a living trust can easily accommodate picking up the costs for your pet's guardian.
The guardian of your pets should keep receipts and provide them periodically to the successor trustee for reimbursement.
When creating your living trust, you can specify a certain amount of money to be set aside specifically for your pets.
When the last of the grantors pets have passed, any money left in the estate can be distributed along with the rest of the estate or donated to your favorite charity, such as a local animal shelter.