Yes, it’s OK to talk about—and it’s even a new norm: planning for the well being of your pet after you die. Though setting aside funds for the future of beloved pets was likely not something most of our grandparents formalized, securing the future of furry companions has made it onto the “putting our affairs in order” checklist.
Benefits of Pet Ownership for the Elderly
The proliferation of pet care businesses and apps of all kinds—from dog walking to food delivery and in home veterinary care—has made it more feasible for even isolated elderly people to enjoy the many benefits of pet ownership. For example, Law Professor provides these important outcomes of pet ownership for the aging:
- Reducing Isolation and Loneliness
- Lowering Stress and Anxiety
- Improving Fitness
- Increasing Social Interaction and Connection to the Community
- Improving Cardiovascular Health
- Improving Signs of Depression
- Providing Routine and a Sense of Purpose
Of course having a plan for the ongoing care of beloved animal companions is reassuring for owners—and ultimately helpful for the family members and friends who will attend to affairs if the pet outlives the owner. This is why including plans—and resources—for pets is becoming increasingly common as estate planning etiquette shifts.
The presence of more pets in our lives is an example of the importance of families periodically revisiting estate plans even when a will/or trust has been previously created. As your family develops or updates an estate plan, it can be reassuring to obtain an estate bond. An estate bond is a type of fiduciary bond that protects the interests of the estate and beneficiaries. It is easy and fast to obtain an estate bond, online, right here at Colonial Surety.
Consider a Pet Trust
One option that enables pet owners to provide a detail plan about the care and protection of a furry friend is including a pet trust as part of a revocable living trust. Tough Nickel explains:
Normally, pet trusts include, but are not limited to; provisions for a caretaker, a trust protector, and disbursement of funds. Pet trusts are also valid when the pet owner is alive, but incapacitated.
In addition to considering a trust to safeguard pets, Law Professor offers this advice:
- Choose someone you trust and who knows your pet to designate as a temporary or permanent caregiver for the pet.
- Estimate how much it will cost to feed, care for, and provide veterinary treatment for your pet’s lifetime.
- Write down information about the pet’s feeding schedule, personality and behavior, medical conditions, and veterinarian information and provide the information to the designated caregiver.
When you set up a trust, don’t forget the trustee bond—which is quick and easy to obtain right here at Colonial Surety.
Estate Law?
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Founded in 1930, Colonial Surety Company is a direct writer of surety bonds and insurance products. Colonial is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed, and licensed for business everywhere in the USA.