When you think about the situation that you may be in as a senior citizen, you can quickly realize why you may be able to benefit from dog ownership. As you get older, you lose loved ones along the way, and your family members are grown and busy conducting their own lives. A dog can provide you with a much-needed companion during this stage of your life.
In addition to the companionship, a dog is a big responsibility, so you have a sense of purpose in your life once again. Many dogs are good protectors, and even a small dog can act as a very effective alarm system.
Dogs need exercise, so you are compelled to get exercise in your own right when you take your dog for walks. Plus, this can lead to the development of friendships, because you have the opportunity to chat with other dog owners when you go to the park.
Estate Planning Implications
You may understand the value of dog ownership as a senior citizen, but you could be hesitant because you are concerned about your longevity. What would happen to your dog if you were to pass away?
It would be possible to answer this question yourself if you were to create a pet trust for the benefit of your dog. Most states in the union are allowing for the creation of trusts to benefit pets, and California is one of them.
You fund the trust, and you create a trust declaration. In this declaration, you leave behind instructions regarding the exact way that you want your dog to be cared for after you pass away. You can stipulate a certain feeding and treat schedule, and you can leave instructions regarding the way that you want the pet be exercised. Living arrangements can also be stipulated.
It can be hard to know with full certainty exactly how much it will cost to care for the pet for the rest of its life. When you have a pet trust, you do not have to be concerned, because there is a built-in solution that can be implemented. When you create the trust, you can name a secondary beneficiary who would inherit anything that is left in the trust after the death of the pet.
A pet trust can be a great choice for you if you would like to reap the benefits of dog ownership during the latter stages of your life.
Schedule a Consultation
Our firm can help if you would like to learn more about pet planning and estate planning in general. We offer consultations, and we can answer all of your questions and help you create a customized plan if you decide to proceed.
To set up an appointment, send us a message through this page: Sacramento CA Estate Planning Attorneys.