Estate planning is a much-needed, highly proactive step to ensure that loved ones are cared for after you are gone. The ultimate goal is to secure the future you want for your loved ones, whether they are children, grandchildren, or family pets.
While many may roll their eyes at those who account for the family dog, cat, or snake in wills and trusts, more and more people are taking steps to ensure that everyone with two legs, four legs, or no legs is included.
Furry beneficiaries
Countless pet enthusiasts consider their pets to be their kids, furry and otherwise. Requests include keeping the brood together and living out the rest of their lives. People who live alone with their animals can select a caregiver to move into the house so the “children” do not have to leave their longtime abode.
Pets who survive their owners who are cared for by others will both need financial support. Living in a house requires maintenance and subsequent financial resources to maintain the property. The answer requires various factors regarding how much money is needed and whether it is a fixed amount or in a trust. That starts with the amount needed to care for a pet during their lifetime. Also, scenarios in the event of a severe illness suffered by the animal.
The most important decision comes down to selecting the trustee to manage the money that supports your pets. The trustee is also the pet caregiver, or a professional trustee is hired to prevent any conflict of interest.
Many will scoff at the notion of a pet benefitting from a will or trust. However, a longtime furry friend who provided enjoyment, mainly through difficult times, deserves to continue on with a new owner focused on their well-being.