My Life insurance currently has my aunt as beneficiary. Is there a way to change this to see that my cat gets some of the $$$.

Wills And Estates 2 views 4 answers
I know it sounds silly, but I am not & never have been close to my family. In addition, they are all money grubbers. I'm involved in animal rights, have had animals all my life & just want to make sure that my pets are taken care of. The only money I have is my Life Insurance, is there any way to name my pets in it so that my pets are taken care of w/the policy money, after my funeral expenses are paid? Or set up a trust for my pets as beneficary?

Attorney Answers

4
Steven Fromm ·
You need to do some estate planning here. You can name either your estate or a trust you create for the animals as the beneficiary of the trust. Note, however, you are going to have to name an executor/trix for the estate and a trustee for the trust. It would be wise to meet with an estate planning attorney to have this program carefully discussed and drafted. Hope this helps. Please remember to designate a best answer to your question. Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336, his email address is [email protected] , for more tax, estate and business articles visit his website www.sjfpc.com. and blog
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Slade Mclaughlin ·
Have your life insurance beneificiary as your Estate, and then spell out in your Will how you want the money spent.. That is the easiest way to get what you want done.
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Matthew Erik JohnsonBankruptcy AttorneySeattle, WA ·
While you cannot name your cat as the beneficiary of the life insurance policy, it is possible to create a pet trust, and name the trustee as the beneficiary of the life insurance policy. As the other attorney mentioned, you can also set up your Will to provide for your cat in numerous ways, such as naming a future owner of the cat, and naming trustees of testamentary trusts you may want set up after your passing.
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Michael Burstein ·
I do not have much to add to what the other attorneys have written. You can either make the beneficiary of the policy your estate and prepare a will indicating what you want to have happen with your estate; or you can make the beneficiary of your policy a trust and prepare a trust indicating what you want to have happen with your trust estate. I would talk to an estate planning attorney. He/she can be of great assistance to you.
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