Estate planning for pets is gaining popularity
llinois implemented a policy in
2005 that gives pet owners the
right to create trusts for their pets.
For many pet owners, their dogs and cats are almost like their own children, especially if the pet owners don't have any offspring. Some elderly pet owners may worry over the future of their pets after the owners pass away. What will happen to their young dogs or cats?
Fern Edson, 84, adopted a puppy four years ago from the PAWS Chicago animal shelter. She was first worried over what may happen to her dog after she passed but has recently put her worries to rest after signing up for the PAWS' Guardian Angel pet care program, which will take care of Edson's dog after her death. Another route to take is for pet owners to create trusts and estates for their pets.
Becky Yerak's article in the business section of the Chicago Tribune reports that more people are now making estate planning arrangements for their pets. A Chicago estate attorney is able to provide such individuals with the proper assistance for leaving their estate to one of their pets.
For example, most states have passed laws that allow pet owners to pass on their assets to their animals. In 2005, Illinois implemented a policy that allows people to create trusts for their pets. With the help of Chicago trust lawyers, the growth of pet trusts has risen across the state and animal law has begun an upward rise.
"Some people leave bequests for their pets in wills. But that isn't always the best option because the purpose of a will is to distribute property, and instructions are unenforceable," Yerak wrote. "In other words, Jane might get the house and the cat, but there's nothing in the will that compels her to keep the house maintained or the cat fed."
Since there are many things to consider when making arrangements for pets after one's death, pet owners in Chicago should consider speaking with a trust lawyer to put themselves at greater ease.