Can I Leave an Inheritance to My Pet?

 Posted on April 30,2020 in Estate Planning

If you are like many pet owners, your pets are not simply animals, they are loyal companions. Because you love your pet and want to ensure he or she will be cared for if you pass away, you may be interested in including your pet in your estate plans. A pet is not a human so you cannot leave an inheritance directly to a pet. However, there are certain estate planning tools that allow you to designate funds and property for the care of your pet.

Planning for Pets After Your Death

If you are considering providing for your pet in your estate plan, you have already considered the fact that your pet may outlive you. Many people assume that when they pass away that family members or friends will care for their pet, but this is not always what ends up happening. Sometimes the person you hoped would look after your companion simply cannot fulfil the responsibility. He or she may have health issues or allergies that prevent him or her from owning pets, live in a residence that does not allow pets, or he or she may be unable to afford your pet’s care. One option that allows you to ensure that your pet receives the care he or she needs is a pet trust.

Consider a Pet Trust

The Illinois Trusts and Trustees Act allows people to create trusts for the purpose of providing for their pet after they are gone. If you have a pet who needs expensive medical care or has other needs, you may worry about who will provide for these needs after you have passed away. One option is to place funds in a trust that may only be used for the pet’s medical care, food, shelter, exercise, and other needs. You will then designate someone who you trust to carry out these responsibilities. This person is called the trustee. When you pass away, the trustee gains access to the funds in the trust. Once the pet has passed away, the remaining funds will be distributed according to the directions you have described in the trust document.

Contact a Lombard Pet Trust Lawyer

Trusts are complex legal documents that must meet certain requirements in order to be legally enforceable. For help drafting your pet trust or other estate planning tools, contact A. Traub and Associates. Schedule a confidential consultation with an accomplished DuPage County estate planning attorney from our firm by calling our office at 630-426-0196 today.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2117&ChapterID=61