Life insurance and my dog is the beneficiary?

Question

what do you think about this?

i know she should have a trustee take care of her should i pass before she does.......

are there any solid laws about this? i just want my pooch to be taken care of........

Answer 1

Create a Trust make the Trust the bene on the insurance policy, with specific instructions to the trust on how to care for your pooch.

Answer 2

just make sure that the trustee is good and will take care of doggie well,, he is not in a position to complain correctly to someone if he is treated badly..

I would try looking into setting up a foundation for the dog and not just make him beneficiary..  

Answer 3

They would likely make your estate the beneficary and the state would decide.  Your dog is going to be unable to file a claim.  

A very rich, ecentric woman left millions to her cat.  She had a trust drawn up and the whole nine.  After she died her cat was taken care of, but most of the money goes to animal charities....which was not the wishes of the woman.

So, even if it's written down when you die and everybody else decides you were nuts the dog won't get anything.

Come up with a better plan.

Answer 4

You can't leave your dog as beneficiary of your policy.  Your agent will tell you this.  

Legally, an animal is property.  You can't leave property to other property.  You can't leave the money to your toaster, either.

You CAN set up a trust, to be funded by the money, to take care of your dog for the rest of her life, and then to go to your favorite charity (maybe an animal rescue group?).  

Just be DARNED careful about the guardian for the dog, and the trustee.  I've seen lots of people leaving an animal to the care of a relative, and as soon as the funeral is over, the animal gets dumped off at the pound.  

Answer 5

You can't name your pet as a beneficiary on a life insurance policy, but you can name a trust.

There is such a thing as a "Pet Trust".  You can find alot of info on the net by doing a search for it.  I could go into details, but I'm a financial advisor, the I would have to charge you.  (-: