For most people, their pets are members of the family. They care for their furry friends (some even refer to them as their children!) and provide them with everything they need to have a long, happy life. But, many people don’t consider what’s going to happen to those beloved pets if the owners pass away.
Fortunately, you can ensure that your pets will be taken care of if something happens to you. This is done by including them in your estate plan. Consider these points:
Who will care for your pets?
You need to appoint someone to care for your pet. When this item isn’t included in the estate plan, the pet is treated like any other property such as appliances or clothing. By naming someone to get your pets, you can be sure that they are going into a good home. Of course, it’s best to discuss this with the person you plan to appoint so that the responsibility doesn’t come as a surprise. That’s also a time for you to discuss any special needs of the pets with them.
How can you help to provide support for your pets?
You can help to provide for the care of your pets by establishing a pet trust. You’ll name a trustee over the trust so that they can pay for the pet’s care. You can also leave assets for the pet’s new owner as part of your will.
Just like other components of your estate plan, you should ensure that the concerns related to your pet are legally conveyed. You should also take the time to review the terms periodically so that you know that they still represent your wishes and that they include all your pets.