The number of Americans owning pets is at a record high, and more people are making provisions in their wills to provide for these animals after they're gone. But to ensure your pet is cared for as you intend, it's important to set up a pet trust—an arrangement that 46 states permit.
According to the numbers, more and more people are taking in a pet. In fact, from 2010 to 2012, the number of pet-owning households increased from 62% to 68%. Interestingly, more and more people are taking their pets into consideration when it comes to their estate planning.
Maybe you have heard the term “pet trust” before. Even if you have, The Wall Street Journal has provided the latest information on planning for your pet and some noteworthy statistics in a recent article titled “More Americans Are Writing Their Pets Into Their Wills.”
You see, with human family members, you can take care of them by giving them an inheritance. On the other hand, you cannot give property to your pet because your pet is property. Nevertheless, you can provide financially for your pet with a pet trust.
After all, the needs of a pet can be simple, but someone needs to care for them. A pet trust is a legal vehicle that can be designed to be there for your pet when you are not, providing a caretaker and financial resources according to your instructions.
You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning
Reference: The Wall Street Journal (January 12, 2014) “More Americans Are Writing Their Pets Into Their Wills”