Have you remembered to include your pet in your Estate planning? According to the BMO Retirement Institute Report 'Estate Planning in the 21st Century,' out of two-thirds of Americans that own a pet, only
one-third have included them in their estate plans.
Many pet owners go to
the extreme to ensure their pet is cared for after their passing. Recently, Oprah Winfrey revealed her dogs are set to receive $30 million from her estate for their
care after her passing.
While few pet owners can afford that amount, most would like to
guarantee security for their pets and have the peace of mind knowing they will be taken care of. The report found 61 per cent of Americans own a pet and 77
per cent feel it is important to make arrangements for their ongoing care
should their pet outlive them.
The report also reveals:
- Eighty-seven per cent of people consider pets to be a "family member" and 77 per cent believe pets should be included in estate plans.
- Only one-third of pet owners have actually made some kind of estate planning provision for them.
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