You may think of your pets as cherished family members, and planning for their care can help prevent them from facing uncertain futures or ending up in shelters. Addressing your pets in your estate plan can help you feel more confident that they will be cared for if you pass away.
Embracing various estate planning options, including pet trusts and designated caregivers, will allow you to make specific arrangements for your pets, thereby better ensuring they receive the love and care they deserve in the event that you can no longer provide it.
Designating a caregiver
One of the simplest ways to provide for your pets after your death is to designate a trusted friend or family member as their caregiver. In your estate plan, you can name a specific person to take ownership of your pet. It’s wise to discuss this with the potential caregiver in advance to make sure they are willing and prepared to care for your pet. Additionally, providing instructions about your pet’s routine, diet and medical needs can also help ease the transition for both the caregiver and your pet alike.
Setting up a pet trust
Creating a pet trust can be an ideal way to provide financial resources for your pet’s care in ways that are more enforceable than leaving a gift to their caregiver via a will. A pet trust will allow you to set aside funds specifically for your pet’s needs, such as food, grooming, medical care and other expenses. You can appoint a trustee to manage these funds distinct from the caregiver of your pet, in order to better ensure that money is spent responsibly. The trustee disburses funds to the caregiver or uses them directly for your pet’s expenses, providing an added layer of oversight.
If establishing a pet trust isn’t feasible, you can still set aside funds in your will for the chosen caregiver to use toward your pet’s expenses. While this option does not provide the same level of oversight as a trust, it can still help to ensure that some financial support is available for your pet’s care.
At the end of the day, because your pet relies upon you, it’s important to take steps to safeguard their well-being, in the event that you outlive them. It’s not an easy thought to process, but you owe it to your pet to see that they’re cared for, no matter what.
