Planning for Seniors and Their Pets

There are approximately 39,000,000 homes in the United States with dogs. This does not reflect cats, parrots, turtles, fish, rabbits, etc. It is a fact that a huge number of those pets are owned by seniors. The challenge is that many seniors will not be able to care for themselves at some point, much less care for their pets. Seniors nor their pets have to experience marginalization at the end of their lives. Plan for the future of your pet or the pet of an aging family member. Here are some ideas for you to consider.

Establish a Pet Trust. A pet trust, a tool in legal planning, functions the same as a trust for humans and can be funded or not funded. The trust has a trustee, the person who looks after the thing in the trust, your pet. It also has an ultimate beneficiary – someone or something that inherits any money left after taking care of your pet.

Leave some money for them. You can do this in a trust or leave it under a pet protection agreement in case you become mentally or physically challenged to the point where you cannot take care of them. You can leave cash, stocks, bonds, real estate that can be sold, and proceeds from life insurance. Name the trust as the owner and first beneficiary; when your pet dies, have it go to whatever animal benevolent society you choose.

See if local assisted living or care centers are willing to adopt your pet if you live there. Many care centers allow you to have a pet; there’s legislation being introduced making all of them as long as you can take care of the pet. If you die before your pet, see if the center will adopt the pet for the benefit of the other residents.

Let others know what your wishes are for your pet when you can no longer care for them or you die before them. Most people understand the extraordinary relationships we have with our animal friends. It is your responsibility to make sure your pet is taken care of with the love that you had for them.

(Planning for Senior and Their Pets – The WORLD; January/February 2008)