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What may an estate plan do for my pets?

On Behalf of | Mar 15, 2022 | Estate Planning |

Florida’s statutes recognize pets and animals as your personal property, as noted by the Florida Bar Journal. While your pets may be part of your family, they may not inherit your assets. You could, however, include instructions in your will or trust for someone to take ownership of them.

Kiplinger’s Personal Finance notes that you may find a friend or relative willing to take physical custody of your pet when you die. You could also contact an animal shelter or nonprofit organization to make arrangements for taking care of your pets.

Which assets may I leave for my animal’s care?

The U.S. News and World Report recommends monitoring your expenses before finding someone who could take care of a pet. By tracking how much money you spend over several months for an animal’s supplies, food and veterinary care, you may establish a realistic fund for its care.

An appointment with a veterinarian for a checkup may provide information about your animal’s life expectancy. By multiplying your monthly expenses by your pet’s estimated life expectancy range, you may know how much money to leave for its care.

Your pet may have become accustomed to certain material items or exercise devices. You may include instructions for the court or trustee to leave these items to your chosen caretaker.

How may I address a pet’s care in my will or trust?

You may name an individual to take ownership of your pet in your will or trust. You may also specify leaving sufficient funds from your estate for your chosen individual to use for your animal’s care.

Sunshine State residents may create estate plans that include instructions for an individual or organization to take care of their pets. With thoughtful preparations, an animal may find a new and supportive home after its owner’s death.