Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Life Insurance...for my animals?
Old 08-02-2015, 12:53 PM   #1
Recycles dryer sheets
Join Date: Feb 2013
Posts: 377
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?

LinCella is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-03-2015, 10:39 AM   #2
Recycles dryer sheets
Join Date: Mar 2015
Location: Wildwood
Posts: 282
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.

irishgal is offline   Reply With Quote
Old 08-03-2015, 10:43 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 13,201
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.
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
pb4uski is online now   Reply With Quote
Old 08-03-2015, 10:51 AM   #4
Thinks s/he gets paid by the post
38Chevy454's Avatar
Join Date: Sep 2013
Location: Tijeras (Albuquerque), NM
Posts: 1,275
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.
I used to have a handle on life....... but it broke!

Semi-Retired 7/1/16: working part-time (60%) for now
38Chevy454 is offline   Reply With Quote
Old 08-03-2015, 11:32 AM   #5
Recycles dryer sheets
Join Date: Feb 2013
Posts: 377
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!
LinCella is offline   Reply With Quote
Old 08-03-2015, 12:27 PM   #6
Sarah in SC's Avatar
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,411
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!
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way

Sarah in SC is offline   Reply With Quote
Old 08-03-2015, 12:29 PM   #7
Recycles dryer sheets
Join Date: Feb 2013
Posts: 377
Thank you!

LinCella is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Animals we share our lives with Purron Other topics 1428 09-15-2016 03:56 AM
Rescue animals??? Orchidflower Other topics 35 11-03-2010 07:49 PM
Fifteen Brand New Animals mickeyd Other topics 8 12-18-2008 10:14 PM
FDA says food from cloned animals is safe megacorp-firee Health and Early Retirement 5 01-15-2008 12:00 PM


All times are GMT -6. The time now is 05:03 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.