If you're a pet owner, you probably consider your dog, cat or cockatiel a member of your immediate family. But chances are, the estate plan that so carefully provides for your other loved ones leaves your pet out in the cold.
Estate planning is about planning for your loved ones. From your spouse to the kids, to the grandkids, sometimes your siblings, and maybe even the kids yet to be born and whom you may never meet, there are a lot of people to consider when making these all important plans. While you are at it, do not forget to make plans for any family members who have feathers, fins or fur.
Don’t forget the family pet (or pets).
A recent article in Kiplinger was a bit more blunt: “Put a Plan in Place to Ensure [for your] Pets' Care.”
It is easy to forget about planning for your pet or to simply assume someone will step in and care for them. Unlike family heirlooms or bank accounts, other family members may not step up to care for your pets. Even if they would like to, it may not work for them financially, logistically, allergenically, or otherwise.
Unfortunately, things do not always fall into place so easily when pets are at stake. In the end, providing for your special friends is your last responsibility for them.
Reference: Kiplinger (June 2013) “Put a Plan in Place to Ensure Pets' Care”