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Leaving the family home to Fido

When writing one's will, there are certain details that a person is unlikely to forget. For instance, including financial assets and family heirlooms in a will is not uncommon and is likely on most people's radar. However, there are other important considerations to make when writing one's will or planning how one's estate will be managed.

For many people, their pets are a very important part of the family. However, if pet owners do not clarify what should happen to their pets when they are no longer around, their beloved pets could end up in a shelter or on the street. Taking the time to ensure one's pets will be provided for is important.

One Florida couple that does not have any children explains that with their two dogs, they make up a family of four. They explain that they decided a few years ago that it was necessary for them to ensure their dogs would be provided for should they both die.

To ensure the safety and security of their dogs, the couple set up a trust that clearly explains that all of the couple's assets, including their home, will go to their dogs when they die. However, even though the dogs will receive all of the couple's assets, the dogs will not be running around unattended in their owners' home. A friend of the couple has agreed to take care of the dogs if both spouses die. This friend would be able to do what he or she pleased with the assets entrusted to the dogs. If the dogs die, the friend gets to keep the assets.

This type of plan may surprise some people, but it is smart to consider what one wants to happen to one's pets before this type of situation arises.

Source: MyFox Tampa Bay, "How to provide for pets in your will," Cynthia Smoot, Feb. 26, 2013

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