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I Want To Leave My Life Insurance Payout to my Dog

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I Want To Leave My Life Insurance Payout to my Dog

So, your only dependent is your dog–or cat, pot bellied pig or some other pet– and you want them to be taken care of long after you’re gone, so the most sensible thing to do is to put them as the beneficiary on your insurance policy, right? Wrong. Technically a pet is property, which would be like you trying to leave your insurance money to your favorite pair of fluffy slippers. Legally, this can’t happen. But what you can do is to set up a trust for your pet, and draw up the necessary papers which outline your desires. When you buy life insurance, you’re basically buying it so that your income is replaced and your survivors can maintain their st andard of living. A rule of thumb for buying life insurance is to buy 25 times the amount that your family needs for living expenses in a given year. If they need $100,000, then buy a $2.5 million policy. You can then state, in your will, that you want a certain amount to go directly into your pet’s trust, thereby leaving money to your pet. If you are single, you’ll need to decide who will become your pets new owner and give them directions on your wishes for the animal’s care. Of course you’ll need to decide how much to have put in there, and make sure that everything is drawn up by your lawyer. Since life insurance policies aren’t expensive, buying a policy is a great investment in your loved ones’ future. For the about the cost of a nice dinner out once a month, you can have peace of mind knowing that your loved ones–both the two-legged and four-legged ones–will be taken care of financially in your absence.

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