There are challenges that many senior citizens face as the years pass. Loneliness is certainly one of them. When you are retired, you do not have regular interactions with coworkers on a daily basis. Your children, and at some point even your grandchildren, will be busy adults, and they may not even live in your area.
Of course, you will invariably lose older family members and friends along the way, and at some point, you may even lose your spouse.
Obviously, there is no way to replace family members and friends. At the same time, a pet can provide a bit of relief if you find yourself in need of companionship when you are an elder. As they say, a dog is man’s best friend, and dog ownership can provide a number of different benefits.
The companionship is going to be at the top of the list, but there are other positives. If you have a dog, you have a protector of sorts in the home. Even if your dog is not particularly large, the animal will certainly let you know if there are any unusual sounds outside the door.
Your dog will need exercise, so you will have a reason to get some exercise in your own right. Plus, when you walk your dog at the park or dog park, you have a built-in opportunity to make friends as you chat with other dog owners.
Experts have stated that pet ownership is beneficial for your mental health as well, and you can feel a renewed sense of purpose when you have a living thing depending on you in every way.
A lot of senior citizens recognize the value of pet ownership, but they are reluctant to take action because they are concerned about predeceasing the animal. In fact, this need not be a concern. If you are a senior citizen who would like to add a pet your family, you could make the pet the beneficiary of a pet trust.
When a pet trust has been established, the trustee that you name would handle assets that you convey into the trust if you die before the pet. In the trust declaration, you can instruct the trustee with regard to the way that you want the pet to be cared for after your passing.
You don’t have to be concerned about assets left in the pet trust after the death of the pet, because you could name a beneficiary who would assume ownership of any remainder that may exist.
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A pet trust can be an ideal solution if you are a senior citizen that would like to enjoy the benefits of pet ownership, but this is just one of many scenarios that we can help you address. If you would like to discuss your legacy goals with a licensed professional, calls us at 513.721.1513 or contact us through this page to set up a consultation: Cincinnati, OH Estate Planning Consultation.