For most people the primary goal of estate planning is going to be to make sure that their loved ones are provided for, and this final act of giving is a profound one indeed. In addition to the financial aspects, it can be an emotional matter as well that can consume your thought processes. This being the case, some of the smaller details may slip your mind when you are planning your estate. For some, making provisions for pets is one of these overlooked details.
Yes, it is important to plans for your pet’s well-being. People generally outlive their dogs and cats and this is one of the reasons why they don’t make advance plans, and you may indeed live longer than your pets but it is important to make contingency plans just in case. You have to identify someone who would take over as the pet’s owner after you pass away and make financial provisions so that this new caretaker has the resources that it takes to provide for the animal.
With this in mind, there was an interesting case publicized recently involving a high profile individual who passed away last year. Famed fashion designer Alexander McQueen was laid to rest 2010, leaving his three beloved dogs Minter, Juice, and Callum behind. In an interview with a magazine in 2009 McQueen stated that “My dogs are the only thing in the world I really trust.”
The designer certainly made sure that the dogs will want for nothing after his passing. He left behind £50,000 for the pets’ care, which in American currency equates to almost $82,000. McQueen also made generous contributions in excess of $160,000 to two different animal welfare charities.
You may not feel as though this kind of money is necessary to provide for your pet, but you do have to make plans in advance if you want to be certain that the pet is properly cared for after your passing. The best way to find out how to do so from a legal perspective would be to consult with an experienced estate planning attorney.