Have You Planned for Fido?

Estimates are that one in every five pet owners has made plans for their pet in the event of their death. Are you one of them? If not, maybe now is the time to plan. The consequences of not making a plan for your pet can be tragic.
Some people assume that a loved one or family member will step in and take care of the family dog or cat when they die; however, that does not always happen. Your family member may not have the financial means to care for the pet, may not live somewhere that allows pets, or may simply not be inclined to care for an animal. When this happens, your beloved pet may end up in a local animal shelter. The good news is that this can easily be avoided by some simple planning on your part now.
The first thing you need to do is talk to your intended guardian and make sure that he or she is willing and capable of taking on your pet in the event of your death. Once you have found your guardian, you can set up a pet trust through your estate planning attorney to ensure that the financial aspect of caring for your pet is covered as well. Your pet trust can be nothing more than a simple means of providing funds for your pet’s care or it can be a very complex document that determines everything from what food your pet will be given to what veterinarian he or she is to use. The important thing is that you act now to prevent your pet from being left alone after you die.

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