Your spouse and your children are included in your estate plan. You feel confident that you are providing for all of them to the best of your ability. However, you have another loved one who is not currently in your estate plan, and you are wondering whether he will be taken care of after your death.
The Advantages and Disadvantages of Including a Pet in an Estate Plan
If you think you will outlive your pet, or your spouse is willing to take care of the pet should something happen to you, you may not need to modify your estate plan. However, if you are concerned about what will happen to your pet if you die, it is important to weigh the pros and cons of modifying your estate plan. Here are some of the advantages and disadvantages to consider:
- Modifying your estate may take a little bit of your time and money. Any time you make changes to a legal document, it involves thought, energy, and time. There are usually additional charges, as well. Changing names, adding or subtracting assets, changing beneficiaries, and even updating your plan to include a pet can require additional legal fees.
- Peace of mind. This may be the most important reason to modify your estate plan. You can be confident that your beloved pet will be taken care of the way that he deserves.
- You won’t leave a financial burden for your children. Taking care of a pet can be expensive. Making provisions in your estate plan for the care of your pet can ensure that your children aren’t left to face the costs and responsibility of that care.
If you decide to modify your estate plan for the benefit of your pet, you might consider naming a guardian for your pet and setting up a trust to take care of your pet’s expenses. For more information about how to do that, please read our related links today.