Estate planning for pets is an important consideration for pet owners who want to ensure the well-being of their beloved animals in the event of their own incapacity or death. Pets, just like any other member of the family, require care and attention, and including them in your estate plan can help ensure that they are cared for properly.
Steps you can take to include your pets in your estate planning
Appoint a caregiver
Choose a responsible person who is willing to take care of your pet if something happens to you. Discuss your wishes with this person beforehand to ensure they are willing and able to assume the responsibility.
Create a pet trust
Establishing a pet trust is an effective way to provide for your pet’s ongoing care. In a pet trust, you designate a trustee who will manage the funds and a caregiver who will look after your pet. The trust specifies the type of care your pet should receive, including dietary needs, medical care, exercise routines, and any other specific instructions. You also allocate funds from your estate to be used for your pet’s care.
Funding the pet trust
Determine how much money should be allocated to the pet trust to cover your pet’s expenses throughout its life. This amount will depend on factors such as the type of pet, its life expectancy, and its specific needs. You can fund the pet trust through a variety of means, such as a specific bequest in your will, a life insurance policy, or transferring assets directly to the trust.
Appoint a backup caregiver
It’s a good idea to designate an alternative caregiver in case your primary caregiver is unable or unwilling to fulfill their duties. This ensures that there is a backup plan in place to safeguard your pet’s well-being.
Provide detailed instructions
Compile a document detailing your pet’s care instructions, including feeding schedules, exercise routines, medical history, preferred veterinarians, and any other relevant information. This will help ensure that your pet’s new caregiver understands their needs and can provide appropriate care.
Communicate your wishes
Inform your loved ones, friends, and the individuals involved in your estate plan about your pet’s arrangements. Make sure they are aware of the provisions you have made for your pet’s care and know how to access the necessary documentation.
Review and update regularly
Life circumstances can change, so it’s important to review and update your estate plan regularly. Ensure that your designated caregivers and trustees are still willing and able to assume their roles, and make any necessary adjustments to the provisions and funding of the pet trust.
Remember to consult with an estate planning attorney who specializes in this area to ensure that your wishes are properly documented and legally binding. They can provide you with guidance specific to your jurisdiction and help you create a comprehensive estate plan that includes provisions for your pets.
