Wills particularly important for those with beloved pets

On Behalf of | Apr 19, 2018 | Wills

Although people in New York generally hate to imagine dying, they are at least preparing for the inevitable by engaging in estate planning. As they put together wills and other essential estate planning documents, it is critical that they also take into consideration their pet’s needs if they have a furry friend. Here are a few estate planning tips for those with beloved pets.

First, pet owners may be wise to contemplate what they have to leave for their pets and what their pets need. Only items that are truly valuable are worth including in their estate plans. For instance, pet owners may want to avoid including low-value items such as a pet’s favorite toy, a water bowl featuring fake diamonds or a walking lead.

Second, pet owners may want to list beneficiaries, or their pets’ future caretakers. These individuals will essentially inherit the pets when the pet owners pass away. The pet owners may want to leave the beneficiaries some money to take care of their surviving pets. Alternatively, they may look for organizations that specialize in taking care of animals whose owners have passed away. These organizations often have guidelines regarding what can be included in pet owners’ estate plans, so understanding these guidelines before putting together an estate plan is essential.

Creating wills and other estate planning documents can understandably seem like a morbid task, which is why estate planning is often placed on the back burner. However, because death can happen at any time — whether an adult is young or old — it only makes sense to take estate planning seriously. An attorney in New York can provide the guidance needed to make sure that an asset owner’s and his or her loved ones’ best interests are reflected in a well-thought-out estate plan.

Source: bravotv.com, “Should I Have a Financial Plan for My Pet: Estate Planning“, Kristyn Pomranz, April 16, 2018