Many people only start thinking about estate planning when they are older and relatively settled. Some people don’t draft wills until they start preparing for retirement. Others make a point of expanding and revising their documents as they prepare to cease working full-time.
Many retirees assume that they no longer have to make major adjustments to their estate plans. However, if an older adult decides to adopt a pet, their estate plan may require revisions. Particularly in scenarios where individuals worry about their pets outliving them, estate plan expansions and adjustments may be necessary for the protection of a beloved companion animal.
Pets don’t have human rights
The owners anthropomorphize their companion animals. They treat them like a member of the family. It’s only natural for those who deeply love their pets to want to ensure their comfort and safety in the future. Unfortunately, many people don’t understand the necessary steps they have to take to protect a pet in an estate plan.
Some people simply rely on their family members to care for the animal without making any estate planning provisions. Others might either leave the pet to a family member in a will or even name the pet among their beneficiaries to ensure that there are resources to pay for its care needs. Both approaches can lead to tragic outcomes.
Those who inherit a pet may resent the obligation that it represents. They may surrender it to a shelter or euthanize the animal. Similar things can happen when a pet receives an inheritance. Animals technically can’t own property, which means that whoever takes control of the animal gains authority over the animal’s resources. Family members and friends may rehome or euthanize animals after the completion of the state administration.
Pet owners who want to ensure their companion animals enjoy a long life may want to consider establishing pet trusts. They can set resources aside to pay for veterinary expenses and food. They can choose a trustee to oversee those resources. By having the animal live with someone other than the trustee, they can create a system of checks and balances that reduces the risk of family members mistreating, surrendering or destroying the animal in the future. Animals cannot advocate for themselves, so the people who love them have to take a stand on their behalf.
Updating an estate plan to provide for the needs of a companion animal is a reasonable choice. Pet owners can feel more confident about the future when they have established arrangements to provide for their beloved companions.