How to incorporate pet trusts into estate planning, and why this will add value to your practice

For many people, animals are part of the family. Dogs, cats, rodents, reptiles, birds, and other pets are important members of millions of households, and yet they are not always accounted for when planning for the future. Many people overlook pets when embarking on estate planning and are unaware that these loved ones should be accounted for in the event of owner death or incapacity. As an attorney, adding pet trusts to your legal repertoire can add value to your law practice and potentially capture a whole new client base. Pet trusts can be easily and quickly added to an existing estate plan. Still, there are a few guidelines to follow to ensure pet owner intentions are honored in the event an animal outlives them.

One of the primary goals for establishing an estate plan is to ensure that your client’s assets ultimately transfer to their heirs and other intended parties. For individuals engaged in business or with sizeable wealth, an asset protection plan could be essential in reaching that goal. A carefully crafted plan can help clients preserve their tangible property and other assets from creditor threats.

You probably recommend trusts over wills to many of your estate planning clients because revocable living trust-based estate plans provide a comprehensive solution for many of your clients’ needs. Of course, it’s not necessarily an either/or scenario. Your clients should also use a will to take care of any assets not in their trust and to name a guardian for any minor children.