There is no denying the fact that people love their pets, and why not? Our dogs and cats are a great source of joy, providing entertainment, companionship, and a particular brand of love.
A lot of people do not think about their pets when they are engaged in the estate planning process. They assume that they are going to outlive their fine furry friends and in many cases they will. However, there are no guarantees so you really should ask yourself what would happen to your pet if you were to pass away.
Pet ownership can be especially beneficial to senior citizens who are experiencing a sense of loneliness after losing people who have always been close to them. But seniors who own pets may well be in a position where it is quite possible that they will predecease their animals. As a result, pet planning is especially important for elders who own a dog or a cat.
The first order of business is to find someone who is willing to care for the animal after you pass away. Once you have found the ideal caretaker you have to concern yourself with the financial end of things.
You may be surprised to hear that it is possible to create a trust for the benefit of a pet in most states. These pet trusts are becoming quite popular because they can safely and efficiently provide resources that ensure the animal’s well-being for the rest of its life.
Another option would be to simply include the caretaker in your will and leave this individual a direct inheritance that is earmarked for the pet’s care.
Comprehensive estate planning involves taking care of each and every detail, and to this end you certainly wouldn’t want to forget about your best friend on four legs.