Pets become a part of the family.
Pets are an important part of many families.
They share in our successes and failures.
They are there in the good times and the bad times.
They bring joy, laughter, and entertainment.
According to a recent Forbes article titled “3 Financial Planning Tips For Pets Owners,” you should consider your pets in your estate planning.
What do you need to include?
Talk with these individuals to make sure they are a good fit for loving your furry friend and are willing to take on the responsibility.
Next, you should consider how to financially support your pet.
Caring for a pet in not cheap.
It will require food, grooming, veterinarian bills, medications, and sometimes kenneling.
Providing the family with funds for the care of the pet will help ensure your pet receives care equal to what you provide.
This can be done through naming the caregiver as the beneficiary to a life insurance policy or annuity.
You could also create a "pet trust" with specific guidelines for the use of the funds.
If you have more money than would be necessary to care for your pet, you can consider giving to a charitable cause (such as a local human society or shelter).
If you do not yet have a pet, please consider the costs of care.
Be sure you can support a pet before you welcome one home, whether it has fins, feather, or fur.
Purchasing insurance for veterinary visits can be beneficial in helping mitigate the costs of visits and treatments.
Love your animal well by taking the time to plan for its care and comfort.
Reference: Forbes (January 27, 2019) “3 Financial Planning Tips For Pets Owners”