The process of estate planning can have many different twists and turns. As you grow older and your life changes, your estate planning objectives can change as well. There can be variables that enter the picture that were not a factor when you were younger.
Along these lines, consider the dynamic that you may experience when you are an elder with regard to contact with others. It is not a very pleasant scenario to think about, but many elders do experience loneliness to one degree or another. You can lose family members and friends, and other family members may be busy with her own lives, and they could even live in other states.
Under these circumstances, dog ownership could be very appealing. Everyone knows that dogs are man’s best friend, but the companionship is not the only benefit. A dog can provide protection, even if it is a small dog, because the dog will alert you if anything is amiss outside the door. Plus, you feel a warm sense of purpose, because there is a dependent of sorts relying upon you for everything once again.
The exercise factor is another thing to take into consideration. You have to walk your dog, and this is going to compel you to get outside, get some fresh air, and get some exercise in your own right.
Estate Planning Concerns
You may understand the value of dog ownership as a senior citizen, but you may be concerned about your own longevity as it compares to the longevity of the pet. This is a legitimate and responsible concern, but there is a solution in the form of a pet trust.
It is possible to create a trust for the benefit of a pet in the state of New York, where we practice law. The way that it works is you fund the trust, and you name a trustee to administer the trust after your passing. In the trust declaration, you instruct the trustee with regard to the way that you want the pet to be provided for after you are gone.
The trustee would be legally compelled to follow these instructions if you do in fact predecease your dog. When you create the trust declaration, you name a successor beneficiary to assume ownership of anything that may remain in the trust after the death of the dog, so you can feel comfortable funding the trust generously.
Learn More About Pet Trusts
We have provided some basic information about pet trusts in this brief blog post, but we have a more comprehensive resource that you can access through this website if you would like to learn more. Our firm has prepared a free special report on the subject, and you can click the following link to access your copy: Free Report on Pet Trusts.