Estate Planning for Pets: Why You Need To Do It?

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It is certainly very hard to contemplate your very mortality and we completely understand it. But then there are some people who ensure that their wills are planned along with their estate so that their loved ones are able to live in peace after their deaths. The people who have an immediate family are the first ones to do it. However, in the case of no family members, what do people do?

Well, it might not be that common for the owners to provide something for their pets in their wills and trusts, this practice is definitely catching on. More and more people are trying to make certain provisions for the pets that they have. Estate planning is a very important and people are ensuring that after their deaths, their pets are well taken care of.

Why You Need To Include A Pet In Your Will?

Now you must be wondering why anyone would want to include their pets in the will. To be honest, the problem actually lies in visualizing what it would be like to have a pet in your will. Most people don’t even know that such an option is available for those who want it. However, there are some law firms that tend to provide such services. There are so many people who have questions regarding pet estate plans. So, here we are going to provide you with some answers and thoughts. When it comes to estate planning for pets and who will be looking after your pets after you’re gone.

In case you don’t include your pet in the estate planning process, the pet would be considered as a ‘property’ under your will. So, the state law will decide where the property goes. They will be deciding the future of your pet. Hence, there are some people that make their pets an inclusion in their wills. This is to ensure that their future is secured in case of the death of the owner.

What To Do While Estate Planning For Pets?

So, during the process of estate planning for pets, what does one do? Well, there are certain things that the owner will be able to do. There is an option where the owner can designate a person to look after and take care of the pet. This is similar to handing some property over to a designated beneficiary. There is also another option that they can choose and that would be the creation of a particular pet trust. Now you might be wondering what exactly that is. Well, the pet trust can actually be included in the will or be a separate legal document and just have a reference in the will. This is dependent on the laws of the state.

With a pet trust, there would be a person who will be the guardian owner or the trustee of the pet. This trust is also able to offer some assets which would go to the pet’s care and needs. There is another consideration that people can make. Taking out a certain portion of the life insurance and adding the trust as a particular beneficiary is also an option that most people tend to choose. This depends on the insurance company and if they allow this then the pet trust would have this particular asset to get the help from after the death of the owner.

So what happens if there is no accommodation provided for the pet and there is no one to take care of it? Well, then the pet would be offered to the local or state board of animal control which is not really a very good idea. Hence it is advised to have estate planning for pets in order to make sure that they are looked after in the future.

Conclusion

If you want to have proper estate planning for pets, then you need to have a lawyer to help you out with certain trusts and wills. To some their pets are their best friends why not make sure that your best friends is safe and well taken care of when your no longer around.

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