Estate Planning for Pet Owners

Estate planning often overlooks our pets. Yet, for many pet owners, ensuring their pet’s well-being is just as important as any other family member’s. Here are some current tips and strategies to make sure your furry companion will be cared for if you’re no longer able to do so:

Identify a Caregiver for Your Pet

• Choose Carefully

  Selecting a person to care for your pet after you’re gone is a big decision. Many assume a friend or family member will automatically step up, but this isn’t always true. Make sure to talk to potential caregivers and ensure they understand the responsibility and costs involved.

• Backup Caregivers

  It’s a good idea to have a secondary caregiver named in case your first choice cannot take on the role.

Allocate Funds for Pet Care in Your Will

• Bequeathing Funds for Pet Expenses

  While you can’t leave money directly to a pet, you can allocate funds to your pet’s chosen caregiver in your will. The allocated funds can help cover essentials like food, vet bills, grooming, and other costs.

• Conditions of Use

  Make sure the money is intended solely for your pet’s care. Some people leave detailed instructions, though they are only legally enforceable if part of a pet trust.

Consider a Pet Trust for Added Security

• Pet Trust Benefits

  A pet trust allows you to set aside funds specifically for your pet’s care. You can appoint a caregiver and a separate trustee to manage the funds, adding accountability.

• Enforcement of Wishes

  The trustee is legally obligated to ensure the caregiver follows your wishes for pet care. If the caregiver isn’t providing adequate care, the trustee can withhold funds or take legal action.

• State Laws on Pet Trusts

  Most states recognize pet trusts, making them a widely accessible option for pet owners. It’s best to work with a financial advisor experienced in pet trusts to ensure your trust is valid and enforceable in your state.

Work with Animal Welfare Organizations for Additional Support

• Rescue Groups with Legacy Programs

  Some organizations offer programs where they commit to caring for your pet in the event of your passing. In exchange for a donation, some groups may take in pets permanently or work to rehome them.

• Temporary Care Options

  If a permanent placement isn’t feasible, some organizations offer temporary fostering services until a new home can be found for your pet. Be aware that many animal welfare groups are stretched thin and cannot guarantee lifelong care.

• Research Program Requirements

  Every organization has unique terms and donation requirements, so it’s essential to research options and confirm details in writing.

Provide Detailed Care Instructions

• Pet Profile and Routines

  Leaving behind written instructions for your pet’s daily care, health needs, and even personality quirks can be helpful. Consider creating a “Pet Dossier” with medical history, favorite toys, diet preferences, and routines.

• Emergency Contacts

  Include your veterinarian’s information and the names of trusted friends or family members who can help transition your pet if needed.

• Research Program Requirements

  Every organization has unique terms and donation requirements, so it’s essential to research options and confirm details in writing.

Review Your Plan Regularly

• Life Changes and Updates

  Life circumstances change, and so might the people you’ve designated to care for your pet. Review your estate plan every few years or after significant life changes to ensure your arrangements for your pet are up to date. Check out our article on Reviewing Your Estate Plan.

Setting up a thoughtful estate plan for your pet not only safeguards their future but also gives you peace of mind, knowing that your pet will continue to receive the love and care they deserve. For more details and guidance, consider consulting with a qualified financial advisor. They can help you craft a plan tailored to your and your pet’s needs.

If you’re not sure how to include your pet in your estate plan, we can help! Click here to set up a no-cost, no-obligation meeting with one of our advisors.