From a legal standpoint, your pet is an important piece of an estate plan and needs to be thought of as being an asset that other family members may inherit. This is why it is important to keep your pets in mind when your estate plan is being planned out.
It is important to have an idea of how your pets will be taken care of when you have passed away. You should consider if a caretaker will be assigned and that there are enough supplies to be obtained for the rest of their life. Knowing that the pet is taken care of will enable us to rest easy.
While many may consider themselves to be a pet guardian, it is better to be known as a pet owner due to it containing a higher amount of responsibility for taking care of other living animals. This will lead to better decisions that are more ethical and the pet living a better life.
How an Estate Plan Includes the Pet
There are a few steps of how an estate plan can include the pet. These include:
- Ensure that your will is current and reflects the inclusion of your pets and to whom the pet will go upon your death.
- Have a caregiver appointed in your will so that the responsibility is known upfront. This caregiver can be arranged through an agreement that is written between owner and prospective owner.
- Create a trust for your pet that will take care of their welfare. These funds can be designated for purchasing pet food and other necessary supplies for the pet. This fund will be ideal when a caregiver is not established but the pet will still be taken care of.
- Include updated contact information for those involved directly with your estate plan, such as the administrator of the pet trust fund and caregivers.
When your death occurs unexpectedly, you need to consider your pet. Your pet will need to be placed in a good home that will always have their needs met. Your estate plan also needs to be worded so that it includes your pet. These are all important issues to consider for your pet. With pets being more than just property, it is important that your pet is included. To learn more about including your pet in an estate plan, get a hold of KanzerLaw today.