For many of us, pets are simply part of the family. They greet us at the door, follow us from room to room and somehow become a big part of our everyday routines.
We make plans for their vet appointments, arrange for someone to watch them when we travel and probably spend more money on treats than we care to admit. Yet there is one plan that can be easy to overlook:
Who would take care of them if you were no longer here?
If you are reviewing your will or updating your estate plan, this is a good time to think about the pets who depend on you and what you would want their lives to look like if someone else needed to care for them.
Who Gets the Dog?
Or the cat. Or the parrot that may very well outlive everyone.
Start by thinking about who you would trust to care for your pet. You may already have someone in mind, especially if there is a friend or family member your pet knows well.
Then think through some of the practical details:
- Does this person have other pets or children?
- Does their home allow animals?
- Would your pet fit into their lifestyle?
- Are they comfortable managing any medical or special care needs?
- Could they realistically take on the financial responsibility?
Most importantly, talk to them.
A quick conversation now can make things much easier later. It also gives the person an opportunity to ask questions and understand what caring for your pet would actually involve.
You may want to choose a second person as well, since people’s lives and circumstances can change.
How Much Does Your Pet Actually Cost?
It is easy to think about food and the occasional vet visit. Over the course of a pet’s life, there can be quite a few other expenses.
Veterinary care, medications, grooming, boarding, insurance and age related medical needs can all add up. A younger animal could need care for many years, while an older pet may already have medications or ongoing health needs.
As you think about who would care for your pet, consider whether you would also want to provide money to help with those expenses.
Pets generally cannot own property themselves, so this is an area where an estate planning attorney can help determine how funds can be provided for their care.
What About a Pet Trust?
Yes, pet trusts are a real thing.
Depending on state law and your circumstances, a pet trust can provide a more formal plan for an animal’s care. It can establish funds for one or more pets, provide instructions for how those funds should be used and identify the people responsible for the pet and the money.
A pet trust may be worth discussing if:
- Your pet has significant medical or special care needs
- You want multiple pets to remain together
- You plan to provide a meaningful amount of money for their care
- You have specific wishes about where or how your pet should live
- You want someone to oversee how the funds are used
There are different ways to approach this depending on your situation. An estate planning attorney can help you understand the options available in your state and determine what makes sense for your plan.
What If Something Happens Before Then?
There is another situation worth planning for: an unexpected illness, accident or hospitalization.
If you suddenly could not get home, would someone know there is a pet waiting for dinner?
Think about the information another person would need if they had to step in quickly. It can be helpful to keep a simple record that includes:
- Your veterinarian’s contact information
- Feeding instructions
- Medications and medical conditions
- Daily routines
- Emergency contacts
- Boarding or pet sitting information
- Microchip and registration details
- Contact information for the person you would like to care for your pet
You do not need an elaborate binder devoted to your dog’s preferred breakfast schedule, although some pets would probably appreciate one. A clear, accessible set of instructions can go a long way.
Remember to Update the Plan
Just like the rest of your estate plan, arrangements for a pet may need to change over time.
The person you chose several years ago may have moved or had a change in circumstances. Your pet may have developed new medical needs. You may even have welcomed another animal into the family since your documents were originally prepared.
When you review your will, trust, beneficiary designations and other estate planning documents, add one more question to the list:
Does my current plan provide for the pets that depend on me?
One More Member of the Family to Plan For
Estate planning involves thinking about the people, responsibilities and relationships that matter to you. For many households, pets belong in that conversation too.
A plan could be as simple as choosing a caregiver and writing down important information. In other situations, setting aside resources or establishing a pet trust may make sense.
The important part is making the decision while you are here to make it.
The next time you review your estate plan, consider adding your pets to the conversation with your financial advisor and estate planning attorney. After all, they are counting on you too.
Investment Advisory Services offered through Trek Financial LLC., an (SEC) Registered Investment Advisor.
Information presented is for educational purposes only. It should not be considered specific investment advice, does not take into consideration your specific situation, and does not intend to make an offer or solicitation for the sale or purchase of any securities or investment strategies. Investments involve risk and are not guaranteed, and past performance is no guarantee of future results. For specific tax advice on any strategy, consult with a qualified tax professional before implementing any strategy discussed herein. Trek 26-144
