When you are engaged in your estate planning efforts, you are naturally going to create an inheritance list. Most of the individuals on the list will walk on two legs, but you may also want to include your pet when you are devising your estate plan.
Younger adults who are members of supportive families who share pet ownership may not be too concerned about the well-being of the pet, because there is a support system in place to take over if you were to pass away. However, pet planning can be quite important for senior citizens.
Many seniors lose spouses and other family members over the years, and friends can start to dwindle as well. Loneliness can be the result, and as we all know, dogs and cats can be great companions. Plus, pet ownership can provide a retired senior with a renewed sense of purpose.
Experts say that pet ownership is actually good for your physical health, and this is another benefit.
If you want to include your pet in your estate plan, you could create a pet trust. These trusts are legal in most of the states at this point in time, and you can create a pet trust if you are a California resident.
When you create a pet trust, you name a trustee. This is the person who will administer the trust after you pass away, if you do in fact predecease your pet.
In the trust declaration, you can leave behind instructions that the trustee would be compelled to follow after your passing. You can spell out terms with regard to the way that you want the pet be provided for after you are gone, and the trustee would follow these instructions.
It can be hard to know exactly how much you should set aside for the well-being of your pet. This is easily accounted for when you create a pet trust. When you create the trust declaration, you can add a beneficiary who would assume ownership of anything that may be left in the trust after the death of the pet.
A pet trust can be an ideal solution for senior citizens with longevity concerns who want to enjoy the benefits of pet ownership.
Pet Planning Report
If you would like to learn more about pet planning and pet trusts, download our special report. This in-depth report will provide you with a great deal of sound information, and it is free, so there are no risks involved.
To get your copy of the special report, visit this page and follow the simple instructions: Pet Planning Report.
Schedule a Consultation
Feel free to contact us through this page if you would like to set up a pet planning consultation: Sacramento CA Estate Planning Attorneys.
- Living Trusts and Incapacity Planning - March 31, 2020
- Estate Planning and Charitable Giving — Key Points - March 29, 2020
- Over-Funding Your Retirement Plan: A Potential Estate Planning Problem - March 27, 2020