Taking Care of Beloved Pets: Your Estate Planning Options

Estate planning typically focuses on the management and distribution of assets to beneficiaries, guardianship for minor children, and legacy planning. However, it’s equally important to include provisions for your pets in your estate plans. If you are like many people, you consider your pet to be a family member. 

Millions of people have formed close connections with their dogs, cats, horses, birds, and other animals. They want to ensure that their pet has the highest quality of care possible – even if they are not around to provide that care personally. If you are a pet lover, it is important to ensure that your estate plans properly address your beloved animal’s future.

Designate a Caretaker for Your Pet

If you were to become incapacitated or pass away, who would you want to take care of your pet? This is an important question that pet owners of any age should answer. It is especially crucial if it is possible that your pet will outlive you. Consider designating a pet guardian in your estate plan so that you know your pet will be taken care of by somebody you trust.

Caring for pets can be expensive, especially if the pet has dietary restrictions, health problems, or special needs. In order to ensure that your pet caregiver has the funds needed to cover your pet’s needs, include a caregiver compensation plan within your estate planning documents.

Consider Creating a Pet Trust

A pet trust is a legal arrangement that allows you to designate funds that will be used specifically for your pet’s care. You can set aside funds and include detailed instructions for how those funds should be used during your pet’s life and how any leftover funds should be distributed after your pet passes away. Like other trusts, a pet trust involves designating a trustee to manage the trust assets and ensure that your pet’s needs are met and the pet receives quality care.

Keep Detailed Records for Your Pet

In previous blogs, we have advised readers to keep documents with their passwords or financial information. Similarly, it is important to keep important pet-related documents and ensure that key family members know where to find these documents in the event of your incapacitation or death. It is helpful to write down the name, phone number, and location of your pet’s veterinarian, a list of your pet’s medications, and contact information for groomers, pet sitters, or other important individuals.

Communicate Your Plans to Your Loved Ones

Not everybody is in a position to be able to take care of a pet. As you choose a pet guardian and make other provisions for your pets in your estate plans, make sure you communicate these decisions with your loved ones. Have an honest conversation with the key individuals and ensure that they are up to the task. These conversations can be hard, but discussing your estate plans with your loved ones is one of the best ways to avoid any misunderstandings or disputes in the future.

Let our Naperville Estate Planning Lawyers Help

Pets are cherished members of many families, and it is important to provide for them in your estate plans. For trustworthy legal guidance regarding wills, trusts, and other estate planning needs, contact our Naperville estate planning attorneys. Call our office at 630-756-1160 and set up a confidential consultation to discuss your estate planning needs today.

Source:

https://www.aspca.org/pet-care/pet-planning/pet-trust-laws