You are certainly not going to forget any family members who walk on two legs, but what about loved ones of the four-legged variety? Yes, you should make sure that you provide for your pet when you are putting your estate plan together.
We all know that humans typically outlive dogs and cats, and many younger families have pets in their homes. In fairness, pet planning may not be absolutely essential under certain circumstances. If you have a succession of close family members who would be more than willing to care for the family pet if you were to pass away, you are probably okay.
However, other people do not have the same type of situation, and this is especially true of senior citizens. Pet ownership can be great for seniors who are lonely, and there are other benefits beyond companionship. Certain pets are good protectors, and pet ownership can give you a sense of purpose, because there is a dependent of sorts who is relying on you and you alone.
As a senior citizen, you may recognize the fact that you would enjoy a pet, but you may be concerned about predeceasing the animal. These days, you really do not have to be concerned, because you could effectively provide for your pet in your estate plan through the creation of a pet trust.
With a pet trust, you name a trustee to administer the trust after you pass away. You create a trust declaration, and within this declaration you leave behind instructions with regard to the way that you want the pet to be cared for after your passing.
If you do in fact die first, the trustee would be legally compelled to follow these instructions. Assets in the trust would be used to provide for the pet’s needs, and you could also name a successor trustee to take over the role if the first choice was to become unavailable for one reason or another.
You could also name a successor beneficiary. This person or entity would assume ownership of anything that may be left in the trust after the pet’s death.
A pet trust can provide you with a solution if you want to be absolutely certain that your best friend on four legs is properly provided for in the event of your passing.
Attend a Free Estate Planning Workshop!
We have looked at one small piece of the estate planning puzzle in this blog post. If you would like to learn more, there are some fantastic opportunities coming up over that coming weeks and months.
Our estate planning attorneys have planned a series of workshops, and you can obtain a great deal of information if you attend the session that fits into your schedule. There is no admission charge, but we do ask that you reserve your seat in advance, because space is limited. To obtain all of the details, click the following link: Rochester, NY Estate Planning Workshops.
Schedule a Consultation Today!
Written information is very useful, and our seminars are eye opening to say the least. This being stated, there is no substitute for a one on one consultation with a licensed estate planning attorney from our firm. We know that it can be disconcerting to discuss personal and financial matters with someone that you have just met, but you can rest assured that we will put you at ease.
If you would like to discuss your estate planning goals with one of our lawyers, our doors are wide open. You can give us a call at 585-374-5210 to request a consultation appointment, and if you would prefer to reach out over the Internet, simply fill out a contact form on this website.