Estate Planning Necessary If You Want To Leave Assets To Your Pet

Estate Planning Necessary If You Want to Leave Assets to Your Pet

Have a pet that is more than a pet but a member of the family? Many Illinois residents in this position want to make sure that these special family members are taken care of long after their owners pass away. Guess, what? Through the estate planning process, it is possible to ensure one’s pet ends up in a good place and has what it  needs.

The idea of leaving assets to a pet is not new. It has become a topic of conversation, though, over the last few weeks when it was revealed that a famed designer supposedly left millions to his cat. Karl Lagerfeld was well-known to the fashion world. He died in February, leaving behind an estate valued at roughly $200 million. His cat is named a partial beneficiary of the estate.

One does not have to be a millionaire to name a pet as a beneficiary. Anyone can do this, but to ensure one’s wishes are actually carried out it is suggested that a custodian — someone who will actually take care of the animal — be named, as well as a trustee — someone who will manage the animal’s assets. It is typically recommended that the custodian and the trustee be separate individuals.

It is one thing to briefly mention that a family pet is a beneficiary of one’s estate and another thing to actually have a plan in place for how that will work. Without listing the finer details, it will be easy for one’s wishes to be overlooked and the assets passed on to other beneficiaries. Illinois residents who wish to include their pets as beneficiaries of their estates can turn to an estate planning attorney who will be able to make sure everything is in order to make one’s wish a reality.

Categories

Family-Focused Advocates

Meet Your Attorneys
/

Why Clients Choose Us

  • Family-Run Firm
  • Free Consultations
  • 20+ Years of Legal Experience
  • No Pressure to Sign at Initial Intake

Awards & Memberships

Client Testimonials

Hear stories from the clients we have worked with in the past that we still consider family.
  • “I am extremely pleased with the service they provided: from giving me advice on how to prepare, to working with creditors, and finally to handling the legal aspects of the bankruptcy itself. They took ...”

    - Mike
  • “Deciding to file bankruptcy and going through the process of foreclosure on our home was not something my husband and I ever thought we would have to do. On our initial visit with John, he explained ...”

    - Anonymous Client
  • “This extra special note sent to you today holds more appreciation than any words can say. Over 30 years ago, I found myself in a career helping others in need. I never expected to be in need myself ...”

    - Mrs. J.
  • “Just a note to say thank you for the legal advice you gave me last week. Before I came to see you, I was scared to face my problems, but today I opened a checking account and will go to the Social ...”

    - Mrs. K.
  • “Roseanne is the best. My husband and I went with a cheap bankruptcy attorney to save money. BIG mistake. We ended up with an adversary hearing that our bankruptcy attorney couldn’t handle. So after ...”

    - Anonymous Client
/

Take That First Step With Us

Schedule a Free Consultation
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.