Have You Included Your Pets in Your Will? 

Whether it is your fluffy cat, loyal dog, or prized pony, you need to think about and plan for who will take care of your pets should you become incapacitated or pass away. It is important to find the right people to care for your animals and the right homes for them. It is also important to discuss those plans with the intended caregivers since not everyone has the desire or ability to take care of pets. 

Animal Companions in Your Estate Plans

Taking care of pets can be expensive, especially if an animal has special medical or dietary needs. In addition to choosing who should care for your pets, you will also need to make sure that funds are available to the caregivers. When going through the estate planning process, you should make sure to tell your attorney about any pets or animals of any kind that you own and how you want them taken care of in your will. If you already have a will or an estate plan, it’s not too late to add provisions for pets.

In the case of your death or incapacitation, you want to make sure you have identified a family member or close friend who is not only willing to take care of your pet, but also able to handle this responsibility. Have the conversations with them in advance of any update to your will or estate. You also want to make sure they have a suitable living situation for the pet, including adequate indoor and outdoor space if needed. Confirm that they have the time available for the pet’s care, and that they don’t have any other issues, such as allergies, which may complicate the transition.

Once you have decided who will care for your pet, you will want to be sure they can afford it. To provide them with the needed financial resources, you can calculate the annual cost of their care, with extra costs added as the pet ages. This financial assistance, along with specific instructions for their care, can be spelled out in your estate plan. You can state who will inherit your pet and provide them the financial assistance as part of your will. However, Illinois law also allows the creation of a trust for domestic or pet animals in order to provide finances for the care of a pet. 

Contact An Experienced DuPage County Estate Planning Attorney

For your estate planning needs, including for your cherished pet, you can trust the Naperville Estate Planning lawyers at the Gierach Law Firm. Contact us at 630-756-1160 to learn about all of our services. 

Source:

Money Magazine

Illinois Compiled Statutes