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Estate Planning for Pets: Why it is important?

Estate planning is something that is required for the safety and happiness of our family. Reports have suggested that estate planning doesn’t just secure your family’s future, but it also gives you peace of mind. A study in American has already confirmed that most people believe that having an estate is important but very few are taking it seriously. Now, in the year of the internet where everything is available online it would be a shame not to educate yourself on the topic of estate planning.

The best part about planning your estate is the ability to plan for the future today. A lot of people aren’t just securing the future of their family but also are adding a special provision for their pets. Yes, your furry loved ones who to will be missing your presence and need taking care of when you are no longer around.

Estate Planning for Pets

First of all, Yes! You can do estate planning for your pets in which you can set up a guardian for your pet after your death. It is quite a famous trend and people are being quite open about it. You should understand that your pet is a family member for you because you have an emotional connection with your pet. Now, if you die and you haven’t made taken into account of adding your pet you’re your estate plan then the court will treat your pet as a property in which case they are fully liable to transfer them according to state laws of succession.

So, you wouldn’t want to see your dog or cate in the wrong hands. It’s not just about who is going to adopt your pet, but it is more about who you want to adopt them. Well, having estate planning for pets can really help you in this situation. We encourage our clients or whoever is reading this to make a small provision for your pets. Also, you can setup a regular payment for your pet’s care from your estate and it will be given to the person who is going to take care of your pet.

Estate Planning for Pets – Important Notes

Now, if you are planning your estate then we would strongly recommend that don’t leave your pet out of it. You have spent your time with your pet, they tend to be a big part of your life and after when you will pass your pet is going to miss you and need caring for. Your pet will need regular care, love, and a family in your absence. You must add a pet provision in your will or trust and here we are going to discus some important notes of it.

  • First of all, you need to select a guardian for your pet or a person who is going to take care of your pet after you’re gone.
  • Now, you must write a detailed letter of instructions which will be helpful for that guardian in order to take care of your pet.
  • You must set up a regular payment from your estate for your pet’s care too.
  • You can also select a remainder beneficiary who is going to receive all the funds which is left for your pet’s care after the death of your pet.

Keep in mind a pet is a full-time job and not everyone wants to assume such a responsibility. When selecting a guardian or caretaker for your pet it is best to first discuss such a case scenario with the person you intend to entrust with your furry friend. Pets can be expensive to maintain everything from food to vet visits, toys and hosing come into play. When creating an estate plan for your pet keeping expenses in mind is import. Setting aside a budget for your pet’s care is something that an avid pet lover will always consider. Unlike humans’ pets can’t speak out nor can they go out and get a job to self-sustain themselves.

We are expecting that after reading this whole article you will know that it is important to include your pet in your estate planning. We think people can easily set a provision for their pets. If you have any questions or concerns about estate planning of your pet then feel free to contact us to setup a free consultation where we can address some of your concerns or discuss potential considerations. We think that estate planning is important for all your loved ones and a pet should not be left out of this equation.