Estate Planning for your Pets
Estate planning isn’t just for children and human relatives. More and more often, people are building strong, lasting relationships with pets, especially as they themselves age. The average cat can live about 15 to 20 years while dogs can live anywhere between 10 and 15 years, depending on the breed. That means if you adopt a pet when you are in your retirement years, there is a good chance it may outlive you.
Of course, you’ll want to make sure that they are cared for in this scenario. The last thing you need in your retirement years is to worry about what will happen to your beloved pet after you’re gone.
That’s why many retirees look to estate planning for their pets. It is an excellent way to ensure your companion is cared for.
The Elements of a Pet Estate Plan
It’s natural to try not to think about what will happen after we die. No one wants to think about death. However, if you don’t take steps and make decisions about the world you’re leaving behind, that can cause all kinds of problems. You might cause stress or confusion for your family members, for instance. There’s a good chance that the prospect is also causing you stress, as well. While thinking about death isn’t comfortable, planning for the future can help ease your mind.
Planning for your pet’s care is one thing that will help give you peace of mind.
A pet estate plan includes several aspects, such as:
- Naming a pet guardian
- Providing clear instructions for care
- Leaving funds to help care for your pet
- Choosing care facilities
- Establishing a pet trust
This can seem like a lot. However, much like with many aspects of retirement, if you plan it out now, you’ll save yourself a lot of trouble and hassle. In addition, you may not need to do all those steps, depending on your situation and your plans for the future.
Naming a Pet Guardian
In some cases, you’ll have a person in mind who will care for your pet after you die. Of course, you’ll need to make sure that they’re comfortable with the task. Even if your friend or family member loves animals, for instance, they may not be willing or able to care for one full time.
Talk to them about it and find out how they feel. Make sure they understand what is being asked of them and what is required from them.
To officially name a guardian, you should explicitly state this in your will. Listing their name and outlining that they agree to care for your pet after you die will be honored by the courts. You may want to name a secondary person, in case circumstances change over time. This will give you greater comfort and peace of mind. You’re able to name a secondary caregiver in your will as well.
Choosing Care Facilities
In other cases, you might wish to have your pet cared for by a specific facility. This can be helpful if you don’t know anyone who is able to care for them or if you just have a location in mind where you would like them to go. Choosing a facility can also be helpful if you are uncertain of the future (such as a situation where your friend agrees to look after your pet today, but you’re not sure if they will still want to in ten years, for example).
Charitable organizations, pet sanctuaries, and pet retirement homes are facilities that specialize in care for animals. If you stipulate that your pet should live in one of these locations after you die, you can help ensure that they will receive lifetime care from professionals.
Listing Clear Instructions for Care
You want to make sure that your pet is as comfortable as possible after you’re gone. The process will probably be quite difficult for them, so anything you can do to make it easier helps.
To minimize disruption and hassle for both your pet and their future caregiver, write down clear instructions for care. These instructions can include medications, veterinarian contact information, dietary restrictions, and more. You can also list specific routines and even likes and dislikes (favorite toys or activities, for example) to make the transition easier.
Leaving Funds to Care for your Pet
In most cases, you’re not able to leave money to your pets. However, you can leave information in your will that stipulates that a certain amount should be given to the designated pet caregiver and that it should be used to care for the pet.
You will, of course, need to have a conversation with this person beforehand to make sure they understand the situation and agree to use the money in the way you have outlined.
If you are choosing to have your pet live in a facility instead, you can leave behind money that will go directly to this organization instead.
Establishing a Pet Trust
Many of the suggestions mentioned above are considered informal solutions. Yes, you will have them written down and officially put into your will, but this isn’t necessarily legally enforceable. A pet trust, on the other hand, is a legally enforceable arrangement designed to ensure that animals are cared for even after the death of their owners.
A pet trust also comes into effect immediately, unlike a will, which can be held in probate for a while. If this happens and you don’t have a will, your pet may end up not receiving the care it should.
Since pet trusts are legally enforceable, you can be assured that your wishes will be followed. You can even include specific care instructions in the trust. This is often recommended, especially if your pet has unique needs.
A pet trust must have a trustee who will be responsible for managing the trust and distributing money to the specified caregiver. For this reason, it’s recommended that the trustee and the caregiver be two different people.
You’ll need to determine the amount of money that you will leave behind to be used for your pet’s care. You’ll need to do research and estimate what these costs may be. If you leave too little, there’s a chance your pet won’t receive the care it needs, while if you leave too much, the amount may not be used for your pet.
The trust lasts for the lifetime of the pet. After the pet passes away, the trust is dissolved. This means you’ll need to specify what happens to any funds that are unused at this point. In many cases, these funds are given to a person as stipulated in the trust or they are donated to a charity of your choosing.
The pet trust can also define what you would like to happen with your pet after they pass away (such as burial or cremation).
Talking to an estate planning lawyer can help you understand the options available to you, answer any questions you may have, and help you determine what should be included in your pet trust. There are fees associated with these services, so you’ll want to make sure you budget for them. With proper planning and budgeting, you can ensure that your pet is cared for even after you’re gone.
