Do any of your closest friends have feathers, fins or fur? Are you responsible for their room, board and ongoing veterinarian care?
Consider this, if something untoward were to happen to you today what would happen to your feathered, finned or furred friends tomorrow? What arrangements have you made for these friends?
A pet trust may be created under a last will and testament or revocable living trust. But make sure you set aside an appropriate amount of property to fund your pet trust - this will be essential to its success. For example, a horse not only eats like a horse but has an average life expectancy of between 25 and 30 years or more than 40 years with tender loving care. By contrast, a great dane has a much smaller appetite and a much shorter life expectancy of between 7 to 10 years. Accordingly, you would want to set aside a larger amount of money from your nest egg to fund the future care of a horse than for a great dane. Also, consider part of your pet trust including specific instructions so you can tell the trustee and caretaker everything about your friend. From favorite daily rituals like walks and feeding to how your friends seek shelter away from the annual POP POP POP of the neighborhood 4th of July firecrackers.
In the end, your pet has been a loyal companion and friend whether it has feathers, fins, or fur. Unfortunately, if you have no plan or plan to leave money to someone else, then their future care is simply being left to chance.
We can help you protect everyone you love and everything you have. There are 3 easy ways to schedule your initial consultation. First, give us a call at 616.682.5574. Second, send us an email. Or third, request a consultation through our online form.
The West Michigan Estate Planning Center - Cottrell & Jacobs PLC serves Grand Rapids, Ada, and Lowell, Michigan, and the surrounding areas and towns. They provides comprehensive planning in the areas of estates, wills & trusts, powers of attorney, Elder Law, probate administration, long-term care planning, special needs planning, estate tax planning, veterans benefits and Aid & Attendance application, asset protection, and business planning.
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