Estate planning is required for the safety and happiness of our family. Reports have suggested that estate planning doesn’t just secure your family’s future but also gives you peace of mind. A study in America has already confirmed that most people believe that 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. So many people aren’t just securing the end of their family but are also adding a special provision for their pets. Yes, your furry loved ones will be missing your presence and need taking care of when you are no longer around.
Estate Planning for Pets
First of all, Yes! You can do estate planning for your pets in which you can set up a guardian for your pet after your death. It is quite a notable trend, and people are being quite open about it. It would help if you understood that your pet is a family member because you have an emotional connection with your pet. Now, if you die and you haven’t taken into account adding your pet you’re your estate plan, then the court will treat your pet as a 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 it is more about who you want to adopt them. Having estate planning for pets can help you in this situation. We encourage our clients or whoever is reading 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, and it will be given to the person who is going to take care of your pet.
Estate Planning for Pets – Important Notes
Now, 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 when 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 important notes about it.
- First of all, 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 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.
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, it is best to first discuss such a case scenario with the person you intend to entrust with your furry friend. Pets can be expensive to maintain. Everything from food to vet visits, toys, and hosing 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 whole article, we expect you to know that it is essential to include your pet in your estate planning. We think people can easily set a provision for their pets. 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 that estate planning is essential for all your loved ones, and a pet should not be left out of this equation.
Undoubtedly, it is tough to contemplate your very mortality, and we completely understand it. But then, some people ensure that their wills are planned along with their estate so that their loved ones can live in peace after their deaths. Of course, the people who have an immediate family are the first to do it. However, in the case of no family members, what do people do?
It might not be that common for the 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 very important, and people ensure that their pets are well taken care of 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 actually 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. 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. They will be determining 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 owner’s death.
What To Do While Estate Planning For Pets?
So, during estate planning for pets, what does one do? Well, there are certain things that 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, which would be the creation of a particular pet trust. Now you might be wondering what exactly that is. The pet trust can be included in the will or be a separate legal document and have a reference in the choice. This is dependent on the laws of the state.
With a pet trust, there would be a person who will be the guardian owner or the trustee of the pet. This trust can also offer some assets 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 most people choose. This depends on the insurance company, and if they allow this, then the pet trust would have this particular asset to get the help from after the owner’s death.
So what happens if there is no accommodation 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 make sure that they are looked after.
If you want to have proper estate planning for pets, you need a lawyer to help you out with certain trusts and wills. To some, their pets are their best friends. So why not make sure that your best friends are safe and well cared for when you are no longer around.