While there is nothing wrong with wanting the best for your family, there is something else to think about: your pets.
Like many, your dog, cat, or other pet is a big part of your family. For this reason, you need to consider how to protect your pet in the event that you pass on.
This may not sound like a big deal, but here is an excerpt from our pet planning webpage that will change the way you look at things:
“According to animal welfare organization “2nd Chance 4 Pets,” over 500,000 pets are abandoned each year due to the death or disability of their human companions. That’s 500,000 too many. What’s worse is that those pets could have been protected with just a little planning.”
Do you want to take the risk of your pet joining this list? Of course not. This is why you need to consider the many aspects of pet planning.
Where do you Live?
This is the big question when it comes to pet planning, as your state probably has laws in place in regards to what you can and cannot do.
For example, a recently published INFORUM article has this to say about pet planning in Wisconsin:
“According to the American Society for the Prevention of Cruelty to Animals, Wisconsin’s law has allowed people to leave money in trusts to animals since 1969.”
If you are a Wisconsin resident, you are in luck. You have the ability to leave money in a trust for your pet. This gives you peace of mind, knowing that your pet will have the money necessary to receive the treatment it deserves, even after you have passed on.
But what if you move to another state? Or what if a loved one lives in another state? Unfortunately, things are not nearly as clear. In Minnesota, for example, things may be changing in the near future. The same article goes on to note the following:
“Right now in Minnesota, residents can designate money in their wills for their four-legged friends, but there is no legal requirement that the cash be spent on the animals.”
With a proposed trust bill in the state, Minnesota’s pet planning laws could soon resemble those in Wisconsin. For pet owners in this state, this one change could mean the world to them (and their pet).
Moving Forward with Pet Planning
The problem with pet planning is that entirely too many people put this off. They think they will outlive their pet. They think their family will take care of their pet once they are gone. They think that the law has them covered.
Don’t fall prey to one of these misconceptions, as it could come back to haunt you at some point in the future.
Instead, you should learn as much as possible about petting planning. This includes the benefits of a pet trust, such as:
- Giving you complete control over the future care of your pet.
- Ability to stipulate everything from their food to their veterinarian.
- Revocable, meaning that you can make changes to the trust at any time.
- The ability to be activated in the event that you become incapacitated or disabled.
- The option to designate a trustee to oversee the funds in the trust.
The more you think about estate planning and how it involves your pet, the greater chance there is that you will begin to ponder the idea of creating a trust.
Generally speaking, creating a trust for your pet is a straightforward and simple process. As long as you know your rights and the laws in your state, you should be able to complete this estate planning step in the near future.
Do you have questions or concerns? Do you need help? This is what we are here for. If you need any assistance in regards to pet planning, contact us today. Our team is here to provide you with all the help you require, no matter what is on your mind.