Collectively, Americans own over 150 million dogs and cats, and that number does not take into account the millions of other pets people own in the United States. For most pet owners, the family pet(s) is just that – part of the family. If you have a pet that you consider part of the family, have you considered what would happen to your pet if something happened to you? The Los Angeles pet planning attorneys at Schomer Estate & Wealth Advisors explain how a California pet trust can help you secure your pet’s future.
Is Your Pet Part of the Family?
Americans love animals and our love for animals makes us stand out among the nations of the world when it comes to pet ownership. According to a recent Forbes article, two out of every three households in the United States has at least one pet. We also spend a staggering amount of money on our pets in America. Collectively, Americans spent almost $140 billion on their pets in 2022 with the average dog owner spending almost $1,000 per year on their pet. Not surprisingly, most pet owners (75-85 percent) consider their pet to be part of the family. If your pet is part of the family, shouldn’t your pet be included in your estate plan?
Why Do I Need to Include My Pet in My Estate Plan?
For most people, the primary goal of estate planning is to ensure that loved ones are taken care of in the event of death or incapacity. If your pet is one of your “loved ones,” it only stands to reason that your pet should be included in your estate plan. To encourage the inclusion of your pet, take a minute to consider what might happen to your pet if you failed to make plans and something happened to you.
Imagine for a moment that a tragedy caused your death or incapacity tomorrow. What will happen to your pet? All too often, a pet ends up forgotten in such situations. Stress, grief, and financial worries can overwhelm your loved ones, making them less likely to focus on the needs of your pet. Even if people do remember your pet, it may not be clear who should take over the care of your pet and/or where the money should come from to provide for your pet. Sadly, pets often wind up in a shelter in the chaotic and confusing aftermath of a tragedy that left the pet’s owner incapacitated or dead. Fortunately, you can prevent that from happening to your pet.
How Can a California Pet Trust Help?
If you want to make sure that your pet is properly cared for by someone of your choosing after your death or incapacity, a California pet trust can help. One of the many benefits to creating a pet trust is that, unlike your Last Will and Testament, the terms of a trust can kick in if you become incapacitated as well as following your death.
A California pet trust lets you appoint a Trustee to manage trust assets and administer the trust. Your chosen Trustee can also be the person you designate to handle your pet’s daily care, but you can also designate someone else to provide that daily care of you choose. The trust terms can be as general or as specific as you wish, allowing the caregiver to make most decisions or providing detailed instructions relating to your pet’s care. Assets used to fund the trust provide the money needed for your pet to continue receiving the same level of care that you have provided in your absence.
Best of all, a trust is a legally enforceable agreement. That means that your Trustee has a legal duty to follow the trust terms and to use the upmost care when managing the trust assets. In short, a California pet trust offers you peace of mind and ensures that your pet will not be overlooked or forgotten if something happens to you.
Do You Need Help Creating a California Pet Trust?
For more information, please join us for an upcoming FREE seminar. If you are ready to discuss creating a California pet trust, contact the experienced Los Angeles pet planning attorneys at Schomer Estate & Wealth Advisors by calling (310) 337-7696 to schedule an appointment.
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