It is not uncommon for people to procrastinate when it comes to planning for the future. Though it is always best to take the bull by the horns and get started as soon as possible, there is so much to consider it can be overwhelming. Once you start planning your retirement and the ultimate distribution of your wealth after you pass away, one thing leads to another and you then find yourself making preparations for other eventualities of aging, such as possible incapacity. Long-term planning is kind of like opening Pandora’s box as one detail after another emerges that must be addressed. But when you do actually do enter the latter stages of your life, you’ll find that your preparations were well worth the effort.
With so many important things to consider, like your own health, your financial well-being during retirement, and the way that you will provide for your family when you’re gone, some things can be overlooked, and one of these is your pets. It is natural for people to feel as though they will outlive their pets so they may not make preparations for them. However, if you were to pass away and your pet was left alone without any provisions having been made for its care a heartbreaking situation could ensue.
Perhaps the simplest and most direct way to make sure that your pet is cared for would be to directly approach a relative or friend and ask this person if they would be willing to care for your pet in the event of your passing. Finding a willing and capable caretaker is key. Once you have done that, you can provide for the care of your pet financially by leaving a bequest to the caretaker directly or by creating a pet trust. Pet trusts are indeed legal in the state of Indiana and your estate planning attorney can add one of these documents to your estate plan if you so choose.
Our pets are members of our family too, and it is important to keep them in mind when you’re planning your estate.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.