When it comes to estate planning, it's important that all matters are included in documents. A large number of households in Texas and throughout the United States have pets. Pet owners may benefit from advanced estate planning regarding what will happen to the pet in case the inevitable happens.
Most pet owners may consider their pets to be family, but under the law, pets are treated as personal property. Since pets are property, it is imperative that owners establish a pet trust, which indicates how the pet will be cared for and where funds are located. In regard to a pet trust, it will need to be properly funded with a certain amount of money. Pet owners can do this by establishing how much it will cost for insurance and vet care. In addition, owners can also establish how much it will cost for medications and food.