When you think about estate planning, you most likely think about providing for your family members after your death. For many however, pets are part of their family and they care about what happens to them. In the past pets were traditionally viewed as property, and any attempt to leave funds to a pet in a will were sadly ineffective. Here at the Law Office of Robert W. Harrell, III, we recognize how important your pets are to you. Here’s how you can provide for your pet in the event of your death.
In 2006 South Carolina passed a pet trust law, allowing people to create a trust for their pets known as a pet trust, much like any other trust. This type of trust can hold funds to be used exclusively for the care of your pet during your pet’s lifetime. You will be able to determine the amount of funds needed to provide for your pet’s needs. This process includes calculating your pet’s average lifespan and determining normal expenses like food and veterinary care.
Now that you know you can provide for your pet financially, what is another benefit of a pet trust? You can name a trusted caretaker in your trust. This can be someone that you know loves animals and is familiar with your pet. This will give you piece of mind that this person is responsible, and will give your pet the quality of life they deserve. You can also name a secondary caretaker in the event the first one is unable to fulfill that duty.
The idea of a pet trust might sound silly to some, but we know how much your pets mean to you. Contact us today to learn more, and for any of your estate planning needs!