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Life Insurance...for my animals?
Old 08-02-2015, 12:53 PM   #1
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Life Insurance...for my animals?

I'm thinking of getting AARP Life insurance and leaving the money to a person to be named later to care for my pets when I die. Not sure how I would have it so the person HAS to care for them. Is this a good idea or should I do something else? I could easily save the premium every month and put t in trust for them?

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Old 08-03-2015, 10:39 AM   #2
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Its great that you are thinking of your pets now, as many end up at shelters when their owner dies and no one in the family wants them.
Have you talked to anyone (friend, family) who you think will be up for taking your pets?
I am not sure how you would legally "make" someone take care of them, but my plan is to leave someone who I trust 100% with mine.

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Old 08-03-2015, 10:43 AM   #3
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While I think it is a great idea to think ahead about what might happen to your pets if they outlive you, I don't think life insurance is the answer. If you trust someone enough to take care of your pet after you are gone then you should also trust them enough to just make a specific bequest in your will of an amount to provide for your pet financially. I don't see a need for life insurance.
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Old 08-03-2015, 10:51 AM   #4
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Agree with pb4uski, once you identify an trusted person, just make that clear in your will that a specified amount of money from your estate is for pet's care until their end of life.
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Old 08-03-2015, 11:32 AM   #5
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Thanks for the advice! I have to think of someone younger than me, all my trusted friends are my age so I figured they are out. Grand nieces and nephews are a possibility but right now they are 18 years old and just starting college. I hope I live a long time though!
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Old 08-03-2015, 12:27 PM   #6
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So this is us, too. I set up a codicil to add to our wills, which set up trusts for the niece and nephews, managed by my BIL. The codicil is an easy one, and you can change it anytime you want. The key would be to leave an IRA or life insurance policy to your estate to fund it, for liquidity. That's what we've done.
Here's the meat of the codicil:

I, (), of (), declare this to be my Codicil to my Last Will and Testament.
My Last Will and Testament is to be amended to add the following provisions in the event that my spouse, (), does not survive me:
I bequeath ownership of my () to ()
I bequeath the sum of () to ().
I direct my Executor to pay, as an administration expense, all expenses associated with the feeding and care, including veterinary costs, of my pets for the duration of their lives, whether or not these expenses are deductible for estate tax purposes. I direct my Executor to authorize () to reside and care for these animals at the residence located at () for the duration of 15 years. If () does not wish to reside at the residence for this entire period, I direct my Executor and () to jointly select a suitable alternate caretaker for the remaining term.
I direct my Executor to pay, as an administration expense, all expenses associated with the maintenance and upkeep of the residence at (), including repairs, property taxes, insurance, and utilities, whether or not these expenses are deductible for estate tax purposes, for this period of 15 years, at the conclusion of which time the property can be managed as the Executor sees fit. I request that () assist the Executor in maintaining the home and property and assist in managing the disposition of personal and household items that remain therein.
Except as modified by this Codicil, I republish my Last Will and Testament.
I have signed this Codicil this (DAY)day of (MONTH), (YEAR).
Testator signature
In our presence, (), Testator, declared this instrument to be the Codicil to her Last Will and Testament. At her request and in her presence and in the presence of each other subscribe our names as witnesses this (DAY) day of (MONTH), (YEAR).
Witness Signature Witness Signature

So this gives a vehicle to a friend, and a sum of cash to the friend I want taking care of the animals, and also authorizes him to live in our home. Pretty simple, I hope!
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Old 08-03-2015, 12:29 PM   #7
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Thank you!

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