What if Fido or Fluffy outlive your client?
Have your clients made plans for what happens to their “furry children” if they die or become incapacitated? Or are they just assuming someone will step in and give their animals the same level of care and attention? As advisors, it’s important to discuss animals care as part of your clients’ estate plan.
In the past, people made designations for ownership and care of their pets in a will, but their wishes were not enforceable. However, pet trusts are gaining more ground in the courts and are becoming more prevalent with clients who have no adult children as beneficiaries of their estates.