CHARLOTTE, N.C. — Including your pet in your will was once something seemingly reserved for the rich. But, times have changed. Today, people from all walks of life are recognizing the importance of ensuring their furry companions are cared for after they’re gone.
The cornerstone of planning for your pet’s future is designating a pet guardian.
This isn’t about leaving your cat or dog a trust fund. Instead, it’s about appointing someone you trust to take care of them. When you die, your chosen guardian will become the pet’s legal owner. To support their care, it’s essential to set aside money specifically for your pet’s needs.
A staggering 40% of pet owners are already taking this proactive step by naming a pet guardian in their will, a recent poll found. Determining the appropriate amount of money to allocate can be hard, but experts suggest considering your pet's life expectancy.
It's crucial to formalize your wishes. Without a named pet guardian, your pet’s fate could fall into the hands of whoever inherits the majority of your belongings. In the worst-case scenario, if you don't have a will, a court will decide how to distribute your assets, potentially leaving your furry friend at risk of ending up in a shelter.