More and more people are protecting pets in their estate plans, as well as their loved ones.
There are some tips that should be considered, if you plan to protect your pets after you pass away, according to the Wall Street Journal in "Estate Plans Don't Have to Be Just For People."
The tips include:
- Think about who should be the caregiver for your pets and make sure your choice is willing to serve in that role.
- Figure out how much money your pets might need to maintain their lifestyle and set aside that money for them.
- Think about everything that needs to be done to properly care for your pets and make sure you have it all written down, so the caregiver will know what to do.
- Be sure to visit an estate planning attorney so you can formalize your plans. The attorney will help you decide the best legal instrument to make sure your plans will be carried out. In addition, the attorney will draft those documents so a court will accept them as valid.
Reference: Wall Street Journal (Nov. 5, 2017) "Estate Plans Don't Have to Be Just For People."