People are planning more for their pet’s care after the owner passes away today. They are also planning more for the personal items they have purchased for their pets.
In the last few years, stories about wealthy people who have left large sums of money in their estate plans for the care of their pets have gone from rare curiosities to commonplace. Providing money for a pet’s care in an estate plan is not just for the wealthy anymore.
Planning for pets has become an important part of many estate plans. What is still somewhat rare, however, is making special provisions in an estate plan for personal property for pets. That could also be changing, as Bravo discusses in “The Most Bizarre Pet Items Included in Estate Planning (A Dog’s Fur Coat Collection?!)”
People are starting to make sure their pets have continued access to things, such as a specially designed gym set for a cat and a diamond encrusted feeding bowl for a dog. Nevertheless, it is unlikely that this trend will filter down to the non-wealthy. Most people cannot afford to provide their pets with such expensive items and a special provision in an estate plan is not needed for an ordinary plastic feeding bowl.
What this does show is how much people care about their pets and how much they want to provide for them. If this desire applies to you, visit an estate planning attorney to learn about what you can do for your pet, even if you cannot afford a cat gym set.
Reference: Bravo (April 11, 2018) “The Most Bizarre Pet Items Included in Estate Planning (A Dog’s Fur Coat Collection?!)”