Dogs and cats are friendly, funny creatures that provide us with companionship and unconditional love. We provide our pets with the best care possible, but have you ever thought about what would happen to your beloved pet if you pass away? Many people in Bridgewater would say “no.” If you want to make sure your furry companion will be cared for as you wish should you pass away, you will want to include your pet in your estate plan.
What to consider when planning ahead for your pets
Before you decide how to best include your pet in your estate plan you will want to consider your pet’s needs. For example, does your pet have any health concerns or other special care needs? Do you have money set aside for the care of your pet should you pass? Where do you want your pet to reside if you pass? Who do you want to care for your pet on a day-by-day basis and are they willing to do so?
Any answers to these questions will be unique to you and your pet. It is good, though, to think of these issues before moving forward with including your pet in your estate plan.
One option: a pet trust
A pet trust is one way to provide for your pet should you pass is through a pet trust. In a pet trust you will appoint a person to care for your pet after your death. This person may be a trusted friend or relative who is willing to take on the task of caring for your pet. You can leave instructions on how to care for your pet, what veterinarian your pet will see, and more. You can leave money for the care of your pet in your pet trust to be managed by a trustee who may or may not be the same person caring for your pet. If there is any money left after your pet passes on you can appoint a person or charity to inherit the remaining funds.
Many people love their pets and consider them part of the family. If so, it is important to provide for your pet in your estate plan. This way you can rest assured that your pet will be cared for and loved when you are no longer alive.