More and more, medical professionals are advising elderly Americans to adopt or purchase a pet. Pets are a wonderful cure to the loneliness and depression faced by many elderly Americans. Pets for elderly people can become problematic, however, when the pet outlives its human parent. A recent article discusses how to plan for a pet that is expected to outlive its owner.
Importantly, a person should have more than a verbal promise from a family member to care for a pet in the future. Many times, such promises are not kept for various reasons such as living arrangements or financial reasons. Therefore, a more permanent agreement is necessary.
One way to create a permanent agreement is to include it in your will. Have your attorney draft a special section that states who will care for your pet, and any special care instructions that person should know. Importantly, remember to also leave funds to provide for the care of the pet.
If you are concerned that the caregiver will not spend the money as you have directed, consider creating a pet trust. You can fund the pet trust with money for the care of your pet, and then direct that the money only be distributed for specified purposes.
For assistance in creating an estate plan that considers your pet, contact us at (626) 696-3145.
