Wednesday, February 18, 2015

Planning for Aging Parents and Family Pets

When putting together our estate planning, it is natural for us to plan for our descendants and other persons whom we wish to be benefitted by our legacy.  We may also want to include provisions for certain charitable organizations that are meaningful to us.  Our population is changing such that estate planning considerations are also expanding to less traditional classes of beneficiaries, such as aging parents and family pets.  The older generations are living longer, and people are finding themselves caring for an aging parent, relative or friend.  Persons in care-giving roles may want to think about including their aging parents in their estate plans to ensure there is no disruption in their parents' ongoing care and/or diminution in their parents’ quality of life.  In addition, some pet owners go to great lengths to provide a high level of care for their pets.  To them, it is important to make arrangements for the continued care of their pets should their pets outlive them.  For the owner’s peace of mind and the security of the pet, an estate plan may include a reasonable monetary bequest to a caregiver who could in turn use the funds to care for the pet.
 

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