When you are planning your estate there are a lot of things to consider and it would be easy to overlook some of the smaller details. But, one thing you are not going to forget is the nuts and bolts matter of making sure that your family members are well provided for after you pass away. Right? Well, actually, there are those who do indeed overlook making provisions for certain family members.
The reason why is because these family members walk around on four legs. Yes, people sometimes neglect to make preparations for the care of their pets when they are engaged in the process of estate planning, and this can be a mistake. You never know what the future holds, and if you want to be sure that your pet has a willing and able caretaker who has the financial ability to provide for the animal you have to make plans in advance.
Famed fashion designer Alexander McQueen certainly made sure that his beloved dogs would not be left in the lurch after his passing. McQueen, who took his own life last year, left €50,000, which translates to about $82,000, for the care of his three dogs Minter, Juice, and Callum. McQueen was quoted as saying that the animals were the only beings in his life that he truly trusted. He also donated $164,000 to a pair of different animal rights and welfare charities.
While you may not need to set aside such a large sum of money for the care of your animal or animals, it is wise to be sure that they are provided for come what may. You need to identify a new owner for the pet and provide adequate financial resources. This can be done through the creation of a pet trust or through a direct bequest to the potential caregiver.
To learn more about pet planning, simply take a moment to arrange for a consultation with an experienced estate planning attorney.
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