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Pets Are Precious Even in Estate Planning

December 28, 2015

Filed under: Estate Planning — Neel Shah @ 9:15 am

The key in planning ahead for the well-being of your beloved pet is to find a caring organization or person and to candidly talk to ensure willingness and ability to take that responsibility.

A will can bequeath the pet and funds for its care but it cannot usually be enforced.shutterstock_103402628

A pet trust, however, has the advantage of creating a legal obligation, provisions for enforcement and how care should be given either with the death or incapacity of the owner.

Since the cost and flexibility of a trust appear to be disadvantages, less formal arrangements and non-legal arrangements may be preferred. While any plan is better than none, state laws will determine the outcome. If you are concerned about planning ahead for your pets, it’s a good idea to consult with a knowledgeable estate planning attorney who can advise you of all the various assets and property that you may need to consider in the comprehensive estate planning process.              

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