Is Your Pet Part of Your Estate Plan?

More U.S. households today own pets than ever before—a full 70%, up from 56% back in the late 1980s. And more than 23 million households (about one in five) adopted a pet during the pandemic.

If you’re a part of that large group—made up of roughly 90 million families—you probably consider your pet an important member of the family that you love deeply. Example: A study by Consumer Affairs surveyed 1,000 pet owners and found that 57% of participants ages 27 to 42 love their furry friends more than their siblings.

But have you considered what could happen to that cherished family member if you were to die suddenly? And have you taken any steps to ensure your beloved dog, cat, horse or other animal will be well taken care of if you’re not around to do the job?

If not, don’t panic—it’s not an issue many of us think about. That said, it’s probably time to make your treasured pet part of your estate plan.

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Robert J. Pyle, CFP®, CFA, AEP® founded Diversified Asset Management, Inc., in 1996 to provide personalized, comprehensive wealth management services to successful individuals, families, single women, and business owners. His specialty is addressing the complex financial needs of self-employed professionals, corporate executives, and small-business owners. Our disclosure can be found here. The views, opinion, information, and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting, or tax advice.