Even though dying is a part of every person's life, we don’t always plan for it like we should. From retirement plans to estate plans, there are a number of things we have to consider as we age that can sometimes fall by the wayside. In many cases, this can occur because we are afraid to approach the conversation of death, even with our closest loved ones.
But as we have said before on this blog, becoming more comfortable with the subject and opening up conversations with loved ones about it can actually save them headaches later on. There is a lot to consider though like: who will get all of your property and assets? What medical directives do you want doctors to follow? And who will be in charge of executing your end-of-life wishes?
If you're like a lot of our readers though, there is another question that may weigh heavily on your mind as you age. You may be like a lot of residents here in Florida who have taken in a pet for companionship. But what happens when their lifespan exceeds yours? How do you care for your pet after you pass on? The answer to this is with a pet trust.
If you've never heard of a pet trust, don't worry. There are lots of different kinds of trusts people can choose from to best fit their situation. For people with pets, a pet trust may be the best option. So what does a pet trust do, you may ask? Well, a pet trust is "created to provide for an animal" either during or after a settlor's lifetime. In many cases, the trust goes into effect after the settler has passed away, providing the animal with financial support until it too dies.
Like any trust though, because of their complexity, you may need to speak with a skilled lawyer about how to set one of these up. Such help can be sought from our skilled staff who has experience with a wide variety of trusts to fit your needs.
Source: leg.state.fl.us, "Title XLII, Chapter 736, Section 736.0408," Accessed Feb. 20, 2015