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Pet trusts are gaining popularity in Texas

When people in Texas are making out their wills and other estate planning documents, they are sure to make sure that their assets are protected, their children and spouses are cared for and that their family will have to pay as little tax as possible. However, there is something missing from this estate plan that many people are just now beginning to realize -- pet trusts. People value their pets like family members when they are alive, but many of people inadvertently forget to provide for them in the event of incapacitation or death.

While people are alive, they tend to take care of their pets in a certain way. They pick out food, treats and toys with their pets' health and happiness in mind. They pick a veterinarian who will not only take good care of their animals, but who also has some of the same ideals about pet ownership. If a person's pets outlive him or her, it may be a good idea to consider having a pet trust.

A pet trust allows the pet owner to appoint a trustee who will be responsible for the pets care. It also allows the owner to specify certain things such as the type of food, who the animals' veterinarian is, and even a feeding and walking schedule if desired. The trust can also be funded with enough money to care for the pet for the rest of its life.

Pet trusts are gaining popularity around the country as well as in Texas. As such, nearly every state, including Texas, recognizes pets as "living property" and allow people to create pet trusts for their continued care. Many people recommend a living pet trust since it would take effect immediately upon the owner's incapacitation or death. Having a pet trust can give a pet owner and the family some peace of mind that the pet will be taken care of should anything happen to its owner.

Source: Huffington Post, "Consider Your Pets in Your Will," Sarah Hodgson, June 24, 2013

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