When drafting an estate plan, people often focus on significant assets like real estate, bank accounts, and personal belongings. However, for many, their most treasured companions aren’t jewels or properties, but the whiskered face that greets them each morning or the wagging tail that celebrates their every return. Yes, we’re talking about pets.
Why Include Pets in Your Estate Plan?
Despite their cherished role in our families, the law views pets as property. Without proper provisions in place, they could end up in a shelter, rehomed, or, in worst-case scenarios, face euthanasia. Also, pets thrive on routine and familiarity. Addressing their needs in your estate plan ensures minimal disruption and provides for their continued care. Finally, by including pets in your estate plan, you ensure that they are cared for by individuals who you trust and who are equipped to provide for their needs.
How to Include Pets in Your Estate Plan:
1. Pet Trusts: This legally binding document specifies funds, a designated caregiver, and care instructions for your pet. It allows for a detailed outline of your pet’s needs and provides financial resources to meet those needs. Remember to include details like diet, medical history, and even their favorite toys.
2. Will Provisions: While not as robust as a pet trust, you can mention your pet in your will. Designate a beneficiary for your pet (essentially someone who will inherit your pet), and consider allocating funds to them for pet care expenses. However, it’s worth noting that wills don’t detail day-to-day care instructions or ensure allocated funds are spent on the pet.
3. Letter of Intent: While not legally binding, this document serves as a guide for your pet’s caregiver. Here, you can detail daily routines, preferred vet details, feeding instructions, and even those little quirks unique to your pet.
4. Choose a Guardian: Just as you’d carefully consider guardianship for children, select someone who genuinely loves animals and has the capacity to care for yours. Always discuss this with the person beforehand to ensure they’re ready and willing for the responsibility. A backup guardian is also a wise choice.
5. Emergency Pet Cards: These are cards you keep on you, especially when traveling, that indicate you have pets at home. They can provide instructions on who to contact in emergencies, ensuring pets aren’t left alone should anything unexpected occur.
Take The Next Step:
Have a furry friend that needs to be cared for no matter what? Start by booking a Peace of Mind Planning Session. This is a 1-hour session. You’ll share your goals and concerns, and we’ll present your options and our unique flat fee pricing. Then, if we decide we’re a good fit to work together, we’ll discuss next steps.
