When many people set up an estate plan, they consider how their will or trust will help those they love after they have passed on. This may include a spouse, children, grandchildren and other loved ones, such as a family pet. Many people love their pets as if they were their own children and it is important to take this issue into consideration when creating (or making changes to) your estate plan. In this post, we will examine some issues related to estate planning and domestic animals.
For starters, it is essential to think about who will take care of your pet (or pets) after you pass away. You may need to designate a caregiver for your animal companion, and it may even be necessary to make arrangements for the caregiver to receive payments. Unfortunately, some people neglect to include their pets in their estate plan, which can be devastating. In some instances, a pet may be abandoned, or they may end up in a shelter or even need to be put down. All of these challenges could be avoided by ensuring that your estate plan accounts for what will happen to your pet.
The estate planning process can be stressful and there may be many different factors you need to consider when setting up an estate plan. However, the amount of effort you put into creating your estate plan (and making revisions when necessary) could significantly affect the well-being of your loved ones in the future. Browse through our site for more on creating an estate plan.