Estate Planning for Pets: Planning for the Care of your Pet
When most people think about estate planning, they don’t immediately think about their pets. However, it’s just as important to have a plan in place for what will happen to your furry friends if you become incapacitated or pass away.
Choosing a Pet Caretaker
Identify someone who can take in and care for your pet if you’re unable to. Ensure it’s someone you trust and discuss their commitment.
Pet Sanctuary or Care Organization
If you don’t have a suitable person, consider working with a pet sanctuary or care organization.
Estate Planning for Pets: Financial Planning for Your Pet
Ensure your pet’s financial future with a Pet Trust, a legal arrangement that sets aside money or assets for their care.
Naming a Trustee
Appoint a trustee to oversee the trust assets and ensure they’re used according to your wishes.
Professional Trustee
Consider using an attorney, financial planner, or other professional as the trustee to avoid conflicts of interest.
Estate Planning for Pets: Other Considerations for Pet Estate Planning
Delve into the specifics to ensure your pet’s well-being:
Special Care Instructions
Detail any special care, dietary requirements, or health needs your pet has.
Housing Needs
Plan for specific living arrangements if your pet requires certain conditions, like a larger property for horses.
Lifespan Planning
Consider your pet’s likely lifespan and ensure resources are available for their care throughout their life.
Estate Planning for Pets: Planning for Lifetime Incapacity
Just as you would want to have powers of attorney in place so that someone could make medical and financial decisions for you if you were to become incapacitated, you want to have planning in place for your pets during your lifetime incapacity.
Designate a Caretaker
Determine who will be the caretaker for your pet if you become incapacitated and ensure they understand their role.
Pet Information Sheet
Create a pet information sheet with feeding instructions, medical records, and contact information for the caretaker.
Wallet Card
Carry a wallet card with essential information about your pet, including their name and caretaker’s contact details.
Pet Care Authorization
Consider a “Pet Care Authorization” form to outline the agent’s authority in making decisions for your pet’s well-being.
Financial Power of Attorney
Include provisions related to your pets in your financial power of attorney to provide for their care.
Estate Planning for Pets: Planning for Your Death
Plan for your pet’s future after your passing:
Designate a Caretaker
In your estate planning documents, name a caretaker for your pet.
Monetary Bequest
Consider leaving a monetary bequest to the caretaker to cover your pet’s expenses.
Pet Trust
Create a pet trust to provide for your pet’s needs, ensuring ongoing oversight and management of funds.
Types of Pet Trusts
Choose between a traditional pet trust with a human beneficiary or a statutory pet trust with the pet as the direct beneficiary.
Financial Considerations
Ensure the trust is adequately funded to meet your pet’s needs and consider the additional expenses associated with a pet trust.
Estate Planning for Pets: Protecting Your Beloved Pets
Don’t overlook your pets in your estate planning. Ensure they receive the care they deserve by including them in your plan.
Contact Us for Expert Assistance on Estate Planning for Pets
For personalized guidance on estate planning for your pets, contact Dahlberg Law Group today. Attorney Steve Eichstaedt is here to help.
