Pets have become like family members. They give us that unconditional love that we often crave. Often they are the primary companion for those who do not have families. Increasingly people want to make sure that both their pets and family are taken care of after they are gone. A way to do that is to include your pets in your estate plan. There are some important factors to consider when estate planning for pets.
What do you estimate will be the medical cost for your pet?
Think about the age of your pet. It’s current health and life expectancy. Does the breed of dog or cat have certain health risks? Let’s say you have a 6-year-old cat. On average, their breed tends to live to about 15 years old. You spend $1,000/year. So, take that $1,000 and multiply it by 9 years. You would want to leave $9,000 for your cat’s care.
Who do you want to provide care for your pet?
Some of the things you want to address before outlining the specifics in your Estate Plan is who do you want to provide the care for your pet? Once you identify that person it is important to sit down with them and see if this is something they are willing to do. You could also specify how much you plan to leave for their care and medical expenses. Pets can be expensive. Another option if needed is you could also reach out to a reputable charitable organization as another alternative.
With so many unforeseen challenges in life, many parents and even grandparents make out wills and plans to leave their homes or assets to family or friends just in case of a worst-case scenario. The same care can be applied to our beloved pets. You are not leaving money to your pet but making provisions for their care after you are gone.
Speak With One of Our Experienced Estate Planning Lawyers Today
If you have questions about including your pet in your Estate Plan then for an initial consultation at a time that works for you, call (617)539-1010 ext. 111 or email Attorney Edward L. Amaral, Jr. at edamaral@amarallaw.com.
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