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Home » Pets And Animals Articles » Can I Put My Pet In My Will

Can I Put My Pet In My Will?

Boca Raton, FLA --- Have you ever wondered what to do with your pet if you suddenly passed away? Who is going to take care of it? What if it gets sick and needs medical attention? Who is going to pay the medical bills? Who is going to pay for routine shots? These are many questions you may ask yourself in thinking about this confusing topic.

Stated in an article on www.animallaw.info, the Uniform Trust Act of 2000 does not allow you to will property to an animal per se, but it allows you to set up a trust for the continuing care of your pet. The Act itself is an example of the increased recognition of animal interests.

As of right now, there are roughly thirty-one states that now recognize pet trusts. These trusts allow for the owner to name a pet as a beneficiary and to name a trustee to take care of the pet.

Make plans for your pet.

According to an article written by Eileen Ambrose of The Baltimore Sun, it is important that people make plans for what will happen to their pet. And whether they end up creating a pet trust, setting money aside in a will for care or use some other means, the issues owners face will be similar. For instance, pet owners need to find a caretaker and someone to manage the money left behind for the pet's benefit. Usually the same person handles both roles. Look for someone who is responsible, capable of handling money and likes animals.

Other suggestions in the article encourage you to:

• Name one or two backups in case the trustee cannot fulfill the job.

•Make sure there is enough money to cover pet expenses.

• Write a care plan, basically a memo detailing the veterinarian's name.

• Include in the care plan the pet's routine, medications, likes and dislikes.

Drafting a Trust

You will want to include specific information in the trust.

• The name and address of a trustee and an alternate trustee.

• The name and address of the caregiver and an alternate caregiver. (It may be beneficial to name the same person as the trustee and the caregiver)

• Detailed information on the identity of your pet. (microchip or papers)

• The standard living and care you wish for your pet.

• A detailed description of the property that will fund the trust.

• Information on how the remainder of the trust should be distributed once your pet dies.

• Instructions on the final disposition of your pet's body.

According to an article by Richard Willing of USA Today, the average amount left to pets is about $25,000. It was also stated in the article that according to a 2000 survey by the American Pet Products Manufacturers Association that Americans own roughly 68 million dogs and 73 million cats. The impulse to protect them after one's demise has always been strong and, for some, overwhelming.

Copyright 2006 Debt Management Credit Counseling Corp.

And here is another random article you might be interested in...

Debt Elimination

Debt seems to have become the buzz word in today's world. We can't blame it on people. After all it's human to fall for it. However, it surely isn't good for you. If you have fallen into a debt trap, you can take comfort from the fact that you are not the only one. Getting out of debt trap is not impossible either. You just need to have some patience and exercise restraint on the bad spending habits that you have developed over a period of time (assuming that the debt has not resulted due to some difficult circumstances).

Analyze the situation properly and prepare a strategy for debt elimination. Here is a list which you could reference to pave the path to debt elimination:

1. Controlled spending: The first thing to do is prevent the situation from getting worse i.e. stop the debt from growing further. So exercise control and try and remain within 70% of your credit limit. You might also resort to spending cash instead of plastic, just as a control mechanism.

2. Consolidation: Debt consolidation is another instrument which is very much in use as an important step towards debt elimination. This involves switching over to a new credit card which has a lower APR. However, if you intend to keep spending like mad, this will result in a debt trap and will not help you at all.

3. Negotiate: You might as well talk to your existing credit card company about the situation and check if they are able to help by reducing the APR for a period of time. This does work sometimes because these companies too want to retain their customers.

4. Pay off some debt: If you have some cash handy, you might as well pay off some debt, especially the one that is on higher APR credit cards.

5. Seek professional advice: If you are not able to find the way out by yourself, you should take professional advice. There are consultants who would not only give advice but also detail you about what offers are available in the market and which suit you the best.

6. Resist offers: Credit card companies keep putting up new offers to lure more customers. These could range from getting a discount if you shop with them, a free gift etc. Do not fall for such offers. Just treat them as 'Not for me', because these are really not for you until you come out of your current debt. These are more to induce spending than anything else. Moreover, this will just add to the annual fees that you pay on your credit cards.

7. Reduce the number of credit cards: If you have a large number of credit cards, you will always be tempted to using one or the other till the credit limit is reached on them. This creates a debt trap. So, if you can, then close off some of your credit card accounts.

The key to debt elimination, however, lies in 'Restraint'. If you are able to control your spending then you are already moving in the right direction.