It is undoubtedly tough to contemplate your mortality, and we completely understand it. But then some people ensure that their wills are planned along with their estate so their loved ones can live peacefully after their deaths. Of course, people with an immediate family are the first to do it. However, what do people do in the case of no family members?
Well, it might not be that common for owners to provide something for their pets in their wills and trusts, but this practice is catching on. More and more people are trying to make specific provisions for their pets. Estate planning is essential, and people ensure that their pets are well cared for after their deaths.
Why do You need To Include A Pet In Your Will?
Now you must be wondering why anyone would want to include their pets in the will. The problem lies in visualizing what it would be like to have a pet of your choice. Most people don’t even know that such an option is available for those who want it. However, some law firms tend to provide such services. Some so many people have questions regarding pet estate plans. So, here we will give you some answers and thoughts regarding estate planning for pets and who will be looking after your pets after you’re gone.
If you don’t include your pet in the estate planning process, the pet would be considered a ‘property’ under your will. So, the state law will decide where the property goes. Therefore, they will determine the future of your pet. Hence, some people make their pets an inclusion in their wills. This is to ensure that their future is secured in case of the death of the owner.
What To Do While Estate Planning For Pets?
So, what does one do during the estate planning process for pets? Well, there are certain things the owner will be able to do. There is an option where the owner can designate a person to look after and take care of the pet. This is similar to handing some property over to a designated beneficiary. There is also another option that they can choose, and that would be the creation of a particular pet trust. Now you might be wondering what exactly that is. Well, the pet trust can be included in the will or be a separate legal document and have a reference. This is dependent on the laws of the state.
With a pet trust, there would be a person who will be the pet’s guardian owner or trustee. This trust can also offer some assets which would go to the pet’s care and needs. There is another consideration that people can make. Taking out a particular portion of the life insurance and adding the trust as a specific beneficiary is also an option that most people choose. This depends on the insurance company; if they allow this, the pet trust would have this particular asset to get help from after the owner’s death.
So what happens if no accommodation is provided for the pet and there is no one to take care of it? The pet would be offered to the local or state animal control board, which is not a very good idea. Hence it is advised to have estate planning for pets to ensure that they are looked after in the future.
If you want to have proper estate planning for pets, you need a lawyer to help you with certain trusts and wills. To some, their pets are their best friends. Why not ensure that your best friend is safe and well taken care of when you are no longer around?