Currents April 2018 15
> continued from page 14 sions for your pet in your Last Will and Testament and / or your Revocable Living Trust.
You may have a certain person in mind to take care of your pet after you die. You should speak to that person before naming him or her in your Will or Trust. You should also consider having an alternate if that person dies before you. If there is no individual person whom you trust, you can name an organization or specific facility that specializes in caring for pets after their owners die. You can ask your veterinarian for recommendations.
The next consideration is how much money you will be designating to take care of your pet’ s needs for the rest of your pet’ s life. If you are naming an individual, the amount of money will be up to you, based on your own assets and your pet’ s life expectancy and special needs. You can leave the full amount to the individual as a specific bequest. The individual will pay for the pet’ s needs from those funds and have use of the full bequest without restrictions. You can also set up a Trust naming a different person as Trustee of the funds with discretion to give the pet caregiver funds as needed and with a provision as to who will inherit any remaining money after your pet passes away.
In the case of an institution or facility as the caregiver, you will need to determine the fees for that facility so that you can provide sufficient funds during your pet’ s lifetime.
You should specifically name any current pets in your Will or Trust and also designate any future pets to be covered under this estate plan.
This article covers some general issues regarding providing for your pet in estate planning. Each case is unique and the details should be discussed in a consultation with your attorney.
Please feel free to call me for a free personal or phone consultation regarding any issues pertaining to Wills, Trusts and Estates. I am also available for a free consultation regarding any issue pertaining to personal injury claims or car insurance coverage. Call me at 954-569-4878. My address is 3275 W. Hillsboro Blvd., Suite 204, Deerfield Beach, Florida 33442. My website is www. martinzevinpa. com and my e-mail address is martinzevin @ netzero. com.
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