Estate planning is something that is required for the safety and happiness of our family. Reports have suggested that estate planning secures your family’s future and gives you peace of mind. However, a study in America has confirmed that most people believe having an estate is essential, but very few take it seriously. Now, in the year of the internet, where everything is available online, it would be a shame not to educate yourself on estate planning.
The best part about planning your estate is the ability to prepare for the future today. Many people aren’t just securing their family’s future but also adding a special provision for their pets. Yes, your furry loved ones will miss your presence and need to be taken care of when you are no longer around.
Estate Planning for Pets
First of all, Yes! You can plan an estate for your pets and set up a guardian after death. It is quite a notable trend, and people are open about it. However, it would be best if you understood that your pet is a family member for you because you have an emotional connection with your pet. Now, if you die and you haven’t taken into account adding your pet to your estate plan, then the court will treat your pet as property, in which case they are fully liable to transfer them according to state laws of succession.
So, you wouldn’t want to see your dog or cat in the wrong hands. It’s not just about who will adopt your pet but more about who you want to adopt them. Well, estate planning for pets can help you in this situation. We encourage our clients or whoever reads this to make a small provision for your pets. Also, you can set up a regular payment for your pet’s care from your estate, which will be given to the person who will take care of your pet.
Estate Planning for Pets – Important Notes
If you are planning your estate, we strongly recommend that you don’t leave your pet out of it. You have spent your time with your pet; they tend to be a big part of your life, and after you pass, your pet will miss you and need caring for you. In addition, your pet will require regular care, love, and a family in your absence. Therefore, you must add a pet provision in your will or trust, and here we will discuss some critical notes about it.
- First, you need to select a guardian for your pet or a person who will take care of your pet after you’re gone.
- Now, you must write a detailed letter of instructions that will be helpful for that guardian to take care of your pet.
- You must also set up a regular payment from your estate for your pet’s care.
- You can also select a remainder beneficiary who will receive all the funds left for your pet’s care after the death of your pet.
Pets can be expensive to maintain.
Keep in mind a pet is a full-time job, and not everyone wants to assume such a responsibility. When selecting a guardian or caretaker for your pet, discussing such a scenario with the person you intend to entrust with your furry friend is best. Pets can be expensive to maintain. Everything from food to vet visits, toys, and hosting comes into play. When creating an estate plan for your pet, keeping expenses in mind is essential. Setting aside a budget for your pet’s care is something that an avid pet lover will always consider. Unlike humans’ pets can’t speak out, nor can they go out and get a job to self-sustain themselves.
After reading this article, we expect you to know that including your pet in your estate planning is essential. We think people can easily set a provision for their pets. However, if you have any questions or concerns about the estate planning of your pet, then feel free to contact us to set up a free consultation where we can address some of your problems or discuss potential considerations. We think estate planning is essential for all your loved ones, and a pet should not be left out of this equation.