If you are a younger dog owner, you may not be too concerned about providing for your canine companion in your estate plan. In truth, you could gain a lot of peace of mind if you do include your pet, because you never know what the future holds.
This being stated, pet planning can be very relevant for senior citizens. Imagine the life situation of a senior who has lost a spouse along the way. The children are grown, and retired people don’t have daily contact with coworkers.
A dog can be the ideal solution for someone who is experiencing loneliness and a loss of purpose. You immediately have a loving companion in the home with you, and you have a dependent of sorts who is depending on you for everything. This can cure a lot of ills in one fell swoop.
The benefits of pet ownership do not stop there. Experts tell us that seniors who own pets enjoy numerous different health benefits. Plus, a dog can provide protection. Even small dogs can detect noises outside the door, and they will certainly let you know if they hear something that seems out of place.
Some seniors recognize the value of dog ownership, but they take pause because of longevity concerns. This should not be an obstacle, because you can effectively provide for your dog in your estate plan.
If you create a pet trust, you can go forward with confidence. When you create and fund the trust, you name a trustee to administer the trust after your passing. The trustee would be legally compelled to follow your instructions to the letter. Your pet would be cared for in accordance with your wishes, and you can be quite specific.
You don’t have to worry about over-funding the trust, because you could name a successor beneficiary. If the pet passes away before the funds have been exhausted, the successor beneficiary would assume ownership of the remainder that is left in the trust.
These trusts are legal in most of the states at this point. We practice law in Indiana, and you can create a pet trust in our state.
We have prepared an informative report that takes an in-depth look at pet planning. If you would like to learn more about pet trusts, you can download your copy through this website.
The report is free of charge, and you can visit this page to access the download: Indianapolis IN Pet Planning.
Our firm offers free estate planning consultations, and we would be glad to answer your questions if you are interested in creating a pet trust. To request an appointment, send us a message through this page: Indianapolis IN Inheritance Planning Attorneys.
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.