How You Can Protect Your Pet
May 03, 2022
More than 70% of U.S. households are home to a pet.* So many of us have beloved pets that are truly part of our families. The strong bonds formed with these beloved family members make it only natural that their care should be considered within a well thought out estate plan.
Here are some considerations to think about during National Pet Week:
- Preparing for significant healthcare expenses: We all want to do whatever is possible in case of injury, illness or common afflictions suffered by certain breeds. However, conditions like gastrointestinal obstructions or hip dysplasia, may require surgery or other treatments that cost thousands of dollars. It may be worthwhile to explore pet insurance to cover the cost of these extreme expenses.
- Ensuring adequate liability coverage: Your liability may be consequential if a pet injures someone or causes significant property damage. Take a moment to review your homeowner’s policy to make sure you are sufficiently covered, and if not, think about adding pet owner liability insurance to your existing portfolio.
- Including pets in your estate plan: Who will care for your four-legged companion in the event that something happens to you? An estate plan that includes your pet can give you peace of mind that your pet(s) will be provided for in your absence. Some estate planning strategies enable you to provide specific instructions to properly care for your pet when your estate plan is put into action.
If you have loved ones you want to provide for, including your pets, your Washington Trust Wealth Management advisor can guide you. Follow us to learn more!
* 2021 – 2022 APPA National Pet Owners Survey
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This material is presented for informational purposes, and nothing herein constitutes legal, accounting, or tax advice. Please consult with an attorney or tax professional regarding your specific financial, legal or tax situation.
The views expressed here are those of Washington Trust Wealth Management and are subject to change based on market and other conditions. Investment recommendations and opinions expressed in these reports may change without prior notice. All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed.