Pets are considered your family, but always recognized as property by law. As property under the law, they can be included in your will and transferred to the named beneficiary. What if you pass away in your sleep and when they find you, what’s going to happen to your pets? If you have a well displayed emergency contact, that helps. The worst case scenario is that Animal Care and Control will be called to tote your loving pet away. Pet owners should include language like, “I give my pet and any other animals, which I may own at the time of my death, to XYZ.” Specify how much money goes to the pet and specify that XYZ treats them according to your wishes. If you have a big estate, create a Pet Trust. This in many cases it’s going to be apart of your revocable living trust. Yes, a Trust will cost a pretty penny, but worth it at the end.
If you’re running low on funds, will the beneficiary of your pet spend their money or yours? List your pet’s allergies and favorite things they like in the Will or Trust. So how much money should you calculate to set aside for your animal? If you are a big fan of Humane Society of Charlotte Animal Resource Center, you can leave a legacy to the non-profit.
