Secure your furry friends’ future with a pet directive in your will!

  • Pet directives are becoming common in estate planning for pet owners.
  • More than 40% of pet owners plan to name caretakers for their pets in their wills.
  • Pets are considered personal property, so money must be left to caretakers, not directly to pets.
  • Online estate-planning services are making it easier for pet owners to include their animals in their wills.
  • Without a will, pets may end up in shelters or be contested by heirs.

In recent years, the practice of including pets in estate planning has gained traction among Americans from all walks of life. While pet trusts, like the famous $12 million set aside for Leona Helmsley’s Maltese, Trouble, are still primarily for the wealthy, pet directives are becoming a standard part of many wills. These directives allow pet owners to name guardians for their beloved animals and allocate funds for their care. Estate lawyers have noted a significant increase in inquiries about pet care planning, reflecting the growing concern among pet owners about their animals’ futures. nnOnline estate-planning platforms, such as Trust & Will, have simplified the process, prompting clients to consider their pets when drafting their wills. For instance, Nick and Irene Olender from Florida included their dogs, Baloo and Brownie, in their estate plan, demonstrating how pets are now viewed as family members deserving of care and consideration. nnStatistics show that 90% of pet owners using Trust & Will named guardians for their pets in 2023, and over 40% of pet owners plan to do the same. Since pets are legally considered personal property, owners cannot leave money directly to them; instead, funds must be designated for the caretakers. Without a clear plan, pets may be left to the whims of heirs or, worse, end up in shelters. nnOrganizations like Hope for Paws highlight the importance of planning, as many pets are abandoned after their owners pass away. Estate lawyers emphasize that naming a guardian in a will is crucial to ensure pets are cared for according to the owner’s wishes. nnWhile pet directives are a step in the right direction, they do not guarantee that guardians will follow the owner’s instructions. For more comprehensive protection, pet trusts can be established, which provide legal oversight and ensure funds are used for the pet’s care. nnUltimately, planning for pets is essential, especially for those with long-lived animals. By including pets in estate plans, owners can ensure their furry companions are cared for, even after they are gone.·

Factuality Level: 8
Factuality Justification: The article provides a well-researched overview of the growing trend of including pets in estate planning, supported by statistics and expert opinions. It avoids sensationalism and presents factual information about pet trusts and directives. However, some anecdotal elements may introduce slight bias, and the narrative could be more concise in certain areas.·
Noise Level: 8
Noise Justification: The article provides a thoughtful analysis of the growing trend of including pets in estate planning, supported by data and examples. It discusses the implications of this trend, the legal aspects, and the emotional considerations involved, while holding powerful narratives accountable. It stays on topic and offers actionable insights for pet owners.·
Private Companies: Trust & Will,FreeWill,Hope for Paws
Key People: Leona Helmsley (billionaire), Nick Olender (president of a custom window importer), Irene Olender (not specified), Eldad Hagar (co-founder of Hope for Paws), Katelyn Bennett (health aide), Erin White (estate lawyer), Gerry W. Beyer (estate-law professor at Texas Tech University School of Law), Diane Knight (not specified)

Financial Relevance: Yes
Financial Markets Impacted: Pet-related businesses such as estate planning companies and pet sanctuaries
Financial Rating Justification: The article discusses the increasing trend of including pets in estate planning, which can impact businesses that cater to pet owners’ needs for their pets’ care after they pass away. This includes online estate-planning services like Trust & Will and FreeWill, as well as pet sanctuaries like Hope for Paws and Stevenson Companion Animal Life-Care Center at Texas A&M University.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: The article discusses estate planning for pets and does not mention any extreme events that occurred in the last 48 hours.·
Move Size: No market move size mentioned.
Sector: All
Direction: Up
Magnitude: Medium
Affected Instruments: No

Reported publicly: www.wsj.com