The details that you have to attend to as you are comprehensively planning your estate are vast indeed. Because there are some important things to consider you could overlook some of the finer details.
One of these would be your pet or pets. A high percentage of American families include a dog or a cat or some other pet, and you should consider your pets when you are planning your estate.
In fairness, some people need to prioritize this more than others. If you are relatively young it is not likely that you would predecease the animal.
However, older people who own pets are in a different situation.
Pet ownership can be quite fruitful for senior citizens. Experts tell us that there are actually physical health benefits that go along with pet ownership. And, seniors sometimes experience loneliness as they lose people close to them, including their spouses. Though there is no true substitute, a pet can go a long way toward filling this gap.
Creating a pet trust is an effective way to plan ahead for the well-being of your pet in the event that you die first. You convey assets into the trust and name a trustee to manage the funds. These assets are used to provide care for the pet.
When you create the pet trust agreement you include the choice of a beneficiary who would inherit anything that is left over in the trust after the death of the pet.
Given the effectiveness of pet trusts there’s no reason to shy away from pet ownership if you are a senior citizen.