Making sure that your assets are properly prepared for distribution to your loved ones after your passing can be an involved matter. Because there's so much to take into consideration it is easy to look past some of the finer details. If you are a pet owner, making sure that your dog or cat is provided for after your passing may be one of these matters that gets lost in the shuffle. You may just assume that it is something that will take care of itself, or that you will outlive your pet. While it is possible that someone would simply step forward and care for the pet or that you will outlive it, it is best to make the appropriate arrangements "just in case."
It should be mentioned that pet ownership can be very beneficial for senior citizens. Many of our elders get lonely, and of course a dog or cat can be your best friend and provide some much-needed companionship. When you are retired and your children and grandchildren are no longer directly depending on you, you can be hard-pressed to find a sense of purpose. Caring for a pet can provide this life-affirming feeling. In addition, some types of pets can provide protection, even if it is simply by barking to alert its owner of unusual sounds coming from outside the residence.
To provide for your pet after your passing you must first identify a suitable caretaker. You may simply want to ask a family member or friend that you would consider to be a likely candidate. You then must make financial arrangements, and this can be done by simply leaving a bequest to the caretaker in your will. Another option would be to create a pet trust that will finance the care of your pet throughout its life.
To find out more about pet planning and pet trusts, simply arrange for an initial consultation with an experienced estate planning attorney.
When you are working through your estate planning checklist you may have a lot of ground to cover depending on the size of your estate and the specificity of your wishes. And as we always remind our clients, estate planning is not something that you take care of in a day, a week, or a month. It is an ongoing process that is going to require adjustments because there are changes all around us. Our own lives change, tax laws are subject to revision, interest rates are always fluctuating, and the economy as a whole is largely unpredictable.
We mentioned a checklist in the opening because with so much to consider it would be easy to forget something, and your fine furry friend just might fall through the cracks. Just as your stocks, bonds, cash, real property, and prized possessions are going to need a new home when you pass away, your pet is going to need one too.
Our pets become members of the family and they can really provide senior citizens with a tremendous boost as companions, protectors, and in many cases, master entertainers. The good news is that you may not have to look too far to find a new owner for your pet. You may well have a family member or friend who lets you know that he or she would be more than glad to take care of your dog or cat when you pass away.If you have no volunteers, you can ask around, and when you find a caretaker it is a good idea to make sure that your pet and its future guardian get to know one another so that the transition won't be as hard on the animal. To cover the expenses you can leave a bequest to the new owner-to-be if you so choose.
Another option is to create a pet trust to provide for your dog or cat. You fund the trust, name a trustee to administer it, and select a caretaker for the pet. It is also sometimes possible to develop a relationship with a non-profit animal placement facility and arrange for the people there to find your pet a home while you make a donation in return to show your appreciation. For some valuable information on pet trusts and pet planning in general visit our page on page pet planning.
