Pet Owners and Estate Planning
According to a recent survey by the pet product manufacturers association, over 63% of U.S. households (71.1 million people) have a pet. Many pet owners want to provide financial support for the care of their animals after they have died. This idea is not a new concept, but the large amount that many pet owners are setting aside in their estate is new.
When setting up provisions within your estate plan, there are some key elements to consider to avoid having your wishes challenged. To determine an appropriate amount, consider veterinary care, food, pet sitters, pet toys, grooming and the age of your pet. It is also important to carefully choose a care taker and even a successor care taker. Many individuals may be willing to take your pet, but a change in circumstances may prevent them from honoring that promise.
As you can see, providing for a pet takes as much careful thought as providing for a beneficiary who is not capable of caring for themselves and is not capable of managing their own money.
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