How do I create a pet gift?
- On the Assets tab, click “+Add” in the top left corner and select "Pets" from the Miscellaneous category. If you are gifting multiple pets to different beneficiaries, rename the "Asset Name" field to the name of the pet (this is how they will be referred to in the will). Otherwise, you can keep the "Asset Name "as the general category of "Pets" and it will refer to all pets alive at the time of your death.
- Choose a scenario and click on the "Initial Gifts" bar to reveal more details.
- Select the pet asset you wish to gift from the “Remaining Assets/Balance of Estate” list and drag and drop it into the “Drop assets here” box.
- Choose a beneficiary.
Choose a compensation option - either "None" or "Lump Sum". If you choose "Lump Sum", you have the option to choose a "One Time Payment" or an "Annual Amount Based on the Pet’s Age". Then you can enter in the amount of the payment.
- Click “Add” in the bottom corner to add your gift to the system.
Note: If the beneficiary chosen is the same individual as the estate trustee, additional wording will generate in the document to clarify that any amount they receive due to being the beneficiary of the pet would be on top of any executor’s compensation.