Many people worry about what will happen to their animals if they were to pass away suddenly or have to move from their homes. Planning ahead for your pets can be an important part of your estate plan.
As far as providing for them after you pass away, you can write provisions in your Will or Trust that state where or with whom you would want your pets placed as well as an amount to be paid to the intended placement, if any. Another option could be a pet trust, which is recognized in New Hampshire. After you pass away, the assets in your pet trust would be used by your Trustee to take care of your pet(s) for the pet’s lifetime. You may have different people serve in the roles of Trustee and caregiver or it could be the same person.
Don’t overlook planning for your pets if you experience an incapacity. You can put a provision in your Power of Attorney or Revocable Living Trust that would authorize your Agent or Trustee to take custody of and make arrangements for any pets that you own during a period of incapacity. If you would like to discuss planning for your animal companions in your estate planning, contact us at (603) 352-7310.