If you are a pet owner, when you are planning a vacation that is not going to involve your pet coming along you recognize the fact that you are going to need to find someone to “pet sit.” In the same manner, it is important to remember your four-legged friends when you are planning your estate.
One of the reasons why people fail to plan ahead for the well-being of their pets is because they expect to outlive the animals. Of course you may indeed live longer than your pets, but that does not mean that you should not be prepared just in case.
Parents with dependent children are going to have to select a potential guardian for the children in the event of the death of their parents. This is not likely, but you don’t want to leave anything to chance. The same thing is true with your pets.
Pet planning is going to involve a two-pronged approach. First of all you’re going to have to get someone to agree to care for the animal should you predecease it. There are a lot of animal lovers out there so this should not be too much of a problem.
In addition, you are going to have to provide financial resources so that the caretaker can provide for the pet’s needs. This can be done through the creation of a pet trust and this has become a very popular option. Another possibility would be to leave an inheritance to the caretaker earmarked for the benefit of the pet.
If you are ready to make sure that your pets are provided for come what may, simply make an appointment to sit down and discuss the matter with a licensed and experienced central New Jersey estate planning lawyer.
- Who Inherits from a Beneficiary Who Died? - October 14, 2020
- What Is a HIPAA Release? - October 6, 2020
- Steps Involved in Creating a Trust - April 17, 2020
