It's not surprising pets are receiving inheritance given the close bond owners and animals share these days, says one west-coast advisor.
Vancouver-based financial planner, Rhonda Sherwood, says many of her clients - particularly those older, who may have lost a spouse - consider the relationship with their pets paramount - perhaps above all others.
"Considering the most important relationship or main relationship in many of my older clients lives are their pets, it isn't surprising they want to provide for them when they are gone," Sherwood wrote in WP's comment section.
Sherwood's comment comes in respone to a WP article this week which reported that more and more financial advisors are adding pet estate planning to their books.
Financial planner Eve Kaplan said pet planning is both prudent and responsible, outlining three key considerations including incorporating pet ownership into a client's overall financial plan, while offering pet insurance and pet estate plannnig.
"Wills are problematic since they can lack power of attorney provisions and don’t cover pet care if an estate is stuck in probate or if the owner is still alive (but unable to care for his/her pet," she says.
Another advisor, who identified as Orange Juice, brought up the issue of regulation pet planning would potentially present.
"Oh my ... won't the regulators/compliance depts have fun with this new FP obligation if it ever gains traction," he/she wrote in WP's comment section.
How do you feel about pet estate planning? Tell WP your thoughts in the comment box below.
Pet estate planning -- are we barking mad?