When you are evaluating all of the loved ones that you would like to provide for upon your passing and exactly how you would like to do so you have a lot to consider. The assets that you will bequeath to your family will usually take the form of stocks and other securities, cash, valuables, and perhaps real property and/or business interests. All of these resources will undoubtedly be well received by your heirs in spite of the unfortunate occurance that led to the distribution. But you may have one or two “family members” that need to be provided for in different ways.
Our pets bring us a lot of joy and they really become members of the family. Pet ownership can be especially enriching for senior citizens, providing love, companionship, protection, and that indescribable but satisfying feeling that you get when you know you are needed. When you are planning your estate you have to keep your pets in mind and try to make the best possible arrangements for the animal or animals that you have.
The simplest and most direct way to handle the matter is to identify a friend or relative who would seem to be a likely candidate and ask this individual if he or she would be willing to care for your pet upon your passing. You can name this person as the “pet guardian” in your will and leave a bequest to pay for the expenses associated with caring for your furry friend.
An alternative is to set up a pet trust and name a caretaker to tend to the pet’s needs and a trustee to oversee the treatment that the pet is getting and administer the funds. Another choice would be to develop a relationship with an animal placement charity and see if you can arrange for them to find your pet a home in the event of your passing in return for a donation.