Wills can provide for an equitable distribution to both families after the death of both partners. A will is a legal document that specifies what will happen to property after death. By law, pets are considered property and cannot inherit assets. Until recently, the only option was to will the pets and money for their care to a new caretaker. However, there is no oversight that the new owner will properly care for the pets, and the value of the pets and the money to care for them may be subject to estate taxes.
Some states now allow pet owners to create trusts to provide for their animals.
The trust is similar to a trust for minor children, but the pets are the beneficiaries of the trust. The trust names a guardian to care for the pets and a trustee to supervise the care of the pets and to manage the money for pet care. The trust also specifies how to distribute any remaining funds after the last pet covered by the trust dies. A visit to an attorney can ensure that the people, charities, and pets that the childless provide for now, will continue to be cared for after their deaths. For these reasons, people without kids should not overlook estate planning.