As elder law and estate planning attorneys, we focus on challenges that people face when they attain senior citizen status. Unfortunately, loneliness is one of these difficult situations.
When you start to reach an advanced age after you have retired, you do not have regular interactions with your coworkers. Your family members may live busy lives, and you may lose your spouse and some of your peers as time goes on.
Under these circumstances, the lack of human contact can lead to depression, so it can be quite debilitating. The good news is that a pet can help fill the void, and a pet trust can provide peace of mind.
Loyal Companionship
Experts gush about the benefits of pet ownership for senior citizens. If you have a pet, you have a renewed sense of purpose, and this in itself can create a great deal of positive momentum.
The constant companionship is certainly comforting, and if you have a dog, you have a reason to go out for walks. This would be beneficial to your physical health, and when you are out and about, you may start to connect with other dog owners and animal lovers.
Even small dogs can provide a sense of security as they let you know about strange noises outside the door. Without question, pet ownership is a very good thing for lonely seniors.
Longevity Concerns
A responsible senior citizen that is interested in owning a pet is certainly going to consider the longevity factor. This is a legitimate source of concern, and many people turn away from the idea when they do the math, but there is a solution.
Pet Planning
It is possible to include your pet in your estate plan to assuage these longevity concerns. However, a pet cannot own property, so you cannot leave money to a pet in a will.
You can make an agreement with someone to act as the caretaker after you pass away. You can leave them an inheritance with the expectation that they will use the money for the pet’s care.
If you go in this direction, there are no guarantees. The person who inherits the money can do whatever they want to do with it after you are gone.
Pet Trust
If you want more certainty, you can establish and fund a pet trust. You would fund the trust and name a trustee to act as the administrator after you are gone.
This can be someone you know personally, or you could use a professional fiduciary like a trust company.
We should point out the fact that the trustee does not necessarily have to be the person that will actually care for the pet in a hands-on manner.
You would record legally binding instructions with regard to the way you want the animal to be cared for after your passing. The trustee would have a fiduciary responsibility to follow your instructions, so you can go forward with confidence on that level.
When you are expressing your wishes, you can be very specific. If you want to specify a certain feeding schedule that includes certain types of food and treats, you can do so.
Do not have to worry about assets that may remain in the trust after the passing of the pet. When you establish the trust, you can name a successor beneficiary, and they would inherit the remainder after the death of the animal.
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You are here because you are interested in learning more about estate planning, and you are in the right place. We update this blog on a weekly basis, and there are other resources that you can explore.
In addition to the written materials, we also offer webinars on an ongoing basis. There is no fee to attend these sessions, and you don’t have to go anywhere to join us, so this is a great way to invest some spare time.
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