Does Your Estate Plan Take into Account Your Pets?
Pets are beloved members of households. For some seniors, pets act as regular companions who helps improve quality of life in later years. There are people who spend a small fortune on pet care from specialty foods to long-term veterinary care. One thing that often gets neglected, however, is thinking about what will happen to our pets if we die. Here are a few simple ways to remember your pets when developing your estate plan.
- A Will – In your will, you can include instructions on how your pets are to be cared for along with outlining a monetary gift to be used for the pet’s care. It is important to note, though, that money cannot be left directly to your pet, nor can it be required for the money to be used for the pet, only requested.
- A Trust – California law allows for a trust to be set up specifically for the care of a surviving pet. In this case, you can designate the person who will care for your pet, set aside specific funds for that use only, and leave more specific instructions regarding the care you desire your pet to receive. You can also outline what is to happen to remaining funds in the trust should the pet die before the funds are used up.
- Pet Care Organizations – If you do not have a person in mind who will be able to care for your pet as you desire, you may want to find an organization that cares for pets. Leaving sufficient funds for the organization will ensure your pet is properly cared for since these organizations may sometimes lack adequate funding.
Comprehensive Estate Planning Assistance
At the Petrov Law Firm, we want to help you plan for every aspect of your family’s future. From your mate and children to a beloved pet, you should be confident that your estate will be left to those you love the most. Call 619-344-0360 to start on your estate planning today.