Heirs of an estate can take many different forms. For many readers in Texas, their pets are a member of the family that are as important as any individual or organization that are potential heirs to an estate. For these folks, estate planning includes making plans for the care and welfare of their beloved animals after a death or incapacitation.
To achieve the goal of ensuring that their animals are cared for, some in Texas turn to the use of an estate planning tool called a trust. A trust is an instrument that can be customized to an individual’s wishes. This can include detailing specific care instructions for an animal.
These types of trusts require that the individual creating them fund them. The funding needed depends on the type of care that the person intends to direct in their trust for their animal should they be unable to care for them. In addition to the funding questions, a person may also wish to consider appointing a caretaker for the animal in the trust document.
The good news for many in Texas is that estate planning documents can be used to achieve many goals. The wishes of a person creating an estate plan may be varied, and with proper planning they can be achieved. To ensure that the estate planning needs are covered, a person in our state may wish to complete a careful review of all options for the creation of trusts and other documents that can provide peace of mind that their heirs will be cared for in the future.
Source: MarketWatch, “Estate planning to care for your pets,” Catey Hill, Dec. 25, 2012