Estate Planning for Your Best Friend

by KYW's Salil Gutt

For many of us pets become family members. Pets have also become like surrogate children to empty nesters and retirees.  However few pet owners plan for the day when they die, leaving their beloved pets to fend for themselves.

Here are two options on estate planning for your best friend.

First. Make arrangements for a good home for them while you are living, in the event of your death. Agree to make a specific bequest in your will to the guardian of your pets.  The amount is a function of their age and medical condition.  Do factor in increasing medical expenses with time. It is important to note that money cannot be given directly to a pet. It must be given to the guardian.

Option two. Create a pet trust. This offers more legal protection than selecting someone to take care of the animal.  The trust can be in force for the lifetime of the animals.  The downside of trusts is the expense of creating it and then operating it.

Regardless, of the method you choose, do not overlook your pets when it comes time for your estate planning.