Pets Should be Considered in Estate Planning Man’s Best Friend
Many people enjoy the companionship of a pet in their daily lives. An estimated 90.5 million American families own pets, according to the most recent data. Pets can bring a sense of connection to individuals, regardless of whether the person is a natural caregiver or needs the companionship of a pet to help with everyday activities. When preparing for death and disability, it is common to ignore the importance of pets.
Observe Your Pet’s Individual Preferences
When drafting a trust or will, it is important to take into account the needs of individual animals. When it comes to little pets that live indoors, assigning responsibility for their care is very different from asking someone to look after a herd of farm animals. You need to think about who could be able to take care of your pet in the future. Make sure you’re honest with yourself about whether or not this person can handle caring for your pet.
Choose the Right Person to Look After Your Pet
Another important consideration is whether or not the prospective sitter already has a large number of animals under their care. Another consideration is for a person who has no other animals, which could imply that they have the time to properly care for the pet. It is also possible that this person you wish to choose is unaware of the time and expense involved in caring for a pet. As you may have noticed a pattern in these scenarios, it’s best to determine if the person has the time to take care of your pets.
How to Deal with a Pet’s Will
Either a trust or a last will and testament is the best place to include directions regarding your pet(s). You may also want to consider making a bequest based on the type of pet you have.
Creating a formal estate plan for pets isn’t necessary for some people, who choose a simpler and less burdensome approach. If a person has complete faith in the executor and the person who will take care of their pet, they can simply tell the executor what kind of care they prefer their pet to receive.
Don’t Forget About the Costs Associated with Your Pet
Keep in mind that no matter what kind of animal you have, the expense of transferring it should always be taken into account in a strategy. Pets necessitate recurring expenses related to their care on a regular basis. Even if your pets are in good health when you pass away, their cost may rise dramatically in the future. Taking care of someone else’s animals is something many people are willing to do, but the cost might be prohibitive for some. As a precaution, you may want to leave money for your pet’s care in the event that you die.
Make an Appointment with a Proficient Estate Planning Lawyer
There are a lot of moving parts in estate planning, but a lawyer’s expertise may make things much easier. Contact Anidjar Law Firm today for a free case consultation if you are in need of an experienced estate planning attorney.
