Estate planning for your furry loved one
If your pet became an orphan, who would be the caregiver?
In this article:
- Consider appointing a guardian for your pet
- There are pet nursing homes that are also options
- A pet trust could be a vehicle to provide for your pet when you pass
There are pet nursing homes
An alternative to finding a guardian is a pet nursing home. Yes, they exist. One of the most well-known is the Texas A&M Stevenson Companion Animal Life-Care Center, which provides both emotional and medical care for all types of animals when their owners no longer can. There are also homes that mainly cater to senior and special-needs dogs and cats, such as House with a Heart Senior Pet Sanctuary in Maryland.
“We all love our pets, so regardless of what the plan looks like, you will feel better about having some sort of estate plan for them,” says Smith. Remember that all estate planning should be considered in the context of all your finances, so consider working with an estate planning attorney along with a financial planner to discuss how to incorporate your pet into your will or trust in the context of your overall financial plan.
The information regarding estate planning should not be construed as tax or legal advice and is for general informational purposes only.
Neither Edelman Financial Engines nor its affiliates offer tax or legal advice. Interested parties are strongly encouraged to seek advice from your qualified tax and/or legal professionals to help determine the best options for your particular circumstances.