Estate planning for pets – 4 ways to protect them
Despite our love for our furry friends, estate planning for pets is rarely done. According to Everplans, only 9% of pet owners made provisions for pets their wills.
Although you consider your pet as a member of your family, under the law, your pet is considered your property. As such, if you do not make a plan, the state will decide what happens to your pet. Estate planning for pets is important to make sure your pet receives love and care after you are gone.
4 Ways to Protect Your Pets After You Die
Handshake Agreement
It is common to ask a friend or family member to be your pet’s permanent caregiver when you are gone. However, this is the riskiest. Do they have the time and money to care for your pet? What if their circumstances change and they cannot or will not do it? Can you trust them to carry out your wishes?
Make a Provision in Your Will
You can make a specific bequest in your last will and testament. This bequest gives your pet to a person for their permanent care. This bequest would also give money to help with the pet’s lifetime care. For example, a provision might state “I hereby give my dog, Champ, to my brother Michael Smith, along with $2,000 for Champ’s care. If Michael Smith is unable or unwilling to serve as Champ’s caregiver, I give Champ and $2,000 to my friend Emily Davis.” Although you may provide money for the care of your pet, it is not a guarantee that your wishes are honored.
Establish a Trust for Your Pet
If you die or have a disability, a pet trust guarantees your pet receives care. With the provisions of a pet trust, you will outline the care you want your pet to receive. For example, you may list the number of times they visit the dentist or groomer. And you can specify end-of-life care wishes and burial.
The advantage to a trust is that it is a formal arrangement so your wishes will be enforced. If the trustee (person who is named to care for your pet) does not follow your instructions, they could be subject to liability. And the money in the trust is specifically earmarked to provide for the health, care, and maintenance of your pet. You have peace of mind that your instructions will be followed.
Contact Animal Rescue Organizations
What if you don’t have anyone who can care for your pet? Contact local no-kill shelters or animal rescue organizations such as the ASPCA. They may agree to take your pet for a small donation fee. Your vet may also know of organizations that can help.
There are other places that take care of your pet that do so for a fee. Many of them have facilities or farms which care for them. Some look to rehome your pet with a new caring family. They may require a pet trust that will name them as trustees of the pet.
Leave Instructions for Care
No matter which option you choose, you should write a letter of instruction about the care and maintenance of your animal. This will be helpful for the caregiver to know how to continue their care.
- Preferred Veterinarian
- Preferred Groomer
- Medical conditions
- Medications Taken
- Likes and dislikes
- What to do in certain situations (i.e. car rides, thunderstorms, etc.)
Estate planning for your pet is an important way to ensure the care of your furry friend. Consult an estate planning attorney to determine the best option for your situation.