• 24
  • October
    2011

Unlike other assets and property you own, your pets can't be liquidated or possessed by your bank. Your pets keep on living in the event of your death, and for this reason many experts on Florida estate planning recommend you keep your pets in mind when drafting estate plans to manage how your estate will be handled.

In addition, pets will need financial support to be taken care of. Setting aside money for your pets will ensure their care and quality of life for years to come. It can also help your pets make a smooth transition from your ownership to other caretaker's.

A pet's own financial needs can make a trust a better option than writing your desires into your will. Establishing a trust for your pet, or getting a pet protection agreement, can better guarantee that your pet will receive immediate care. A trust requires the designation of a trustee who will take care of your pet once you are no longer able to. This also protects the pet's eventual caretaker. Because the caretaker will be entrusted with full legal rights, the trustee will be far less likely to be subjected to legal disputes.

Florida estate planning attorneys understand the importance of planning in advance for the care of a beloved pet. Putting the plans for a pet in a will may leave the pet at a disadvantage. Under a will a pet will be classified as an asset and divided among your heirs. In some cases, it can be months before the pet is awarded to a person, and that person may not necessarily be the caretaker you want. A lawyer is needed to draft an official trust agreement, and both parties, you and the named trustee, must agree on the arrangement.

Source: Fox Business "Do Pet Owners Need a Will?" Oct. 14, 2011