Providing For Your Pets
Is It Possible to Provide for Your Pets?
Many people want to include their pets in estate plans to ensure they will always be secure and receive quality care. While this type of planning is common, it can be fraught with emotion. It is important to find someone that you trust to serve as caregiver. It is also important to determine how much that a caregiver will need to provide adequately for the pets.
What are the Options?
You can choose from several alternatives.
Bequests to Caregivers
A common estate planning choice for pet owners is to make bequests to caregivers. This involves leaving your pets to a specific individual or organization, along with a fixed dollar amount to help compensate the caregiver for the pets’ expenses. For example, your Will might state: “I hereby leave any pets I have at the time of my death to my good friend, Sally Smith, along with the sum of $10,000 to permit her tocare for my pets for the rest of their lives.”
Direction to Executor
A pet owner concerned with the proper placement of pets can also leave directions for the estate executor to make appropriate arrangements. For example, if you want the breeder from which you acquired the pets to be involved in the placement decision, the Will might stipulate that the executor orpersonal representative will consult with that breeder. To cover the costs associated with transferring the pets, your will can permit the executor to expend a reasonable sum from the estate for such expenses as veterinary check-ups and treatment, transportation, and initial costs associated with the pets’ care.
Gifts to Shelters or Organizations
Some pet owners want to make gifts to animal protections groups, regardless of the status of their pets. For example, a will might read: “ I hereby bequest $1,000 to the Fern Hill No-Kill Cat Shelter, with the hope that the shelter will take responsibility for the care and placement of any pets I may own at thetime of my death.” This type of arrangement is appropriate when making such a gift is at least as important to you as providing for the future of yourpets. Even if you no longer own pets at the time of your death, the chosen shelter or organization will receive the designated token from your estate.
There are a few organizations that specialize in the long-term care of pets whose owners have died. These “pet retirement home” or sanctuaries may agree to find new homes for your pets or take care ofthe pets for the rest of their lives. Alternatively, several veterinary medicine schools have perpetual petcare programs that will take care of your pets until suitable homes can be located. Typically, with this option, you pay for the pets’ care through an endowment.
Pet Trusts
An individual who wants to make legally binding arrangements for the future care of a pet can do so by establishing a Trust for the pet’s benefit. The terms of the Trust can wary according to the wishes of the owner and state law. For example, if there is more than one pet, with any remaining balance then distributed to family members, caregivers or an animal rights charity. Under the Uniform Trust Code, a Pet Trust may include provisions for someone to go to court to enforce the terms of the Trust. A Pet Trust should include provisions for the appointment of an initial and successor trustee and an initial and successor caregiver, as well as separate provisions for a trust enforcer.
How Much Should You Leave to Provide for Your Pets’ Care?
Regardless of the estate planning strategy you choose to provide for the pets, you will need to ensure that sufficient funds are available to cover the expense of life-long care. To arrive at a reasonable estimate of what should be left to the caregiver, you will need to consider the following:
Life Expectancy.
What is the estimated life expectancy of each pet?
Annual Care Costs.
Create an annual budget covering the costs of providing care for the pets. For each pet, assign a dollar value to such categories as:
-Food
-Dietary supplements
-Equipment and toys
-Transportation
-Veterinary care
-Inoculations and medication
-Surgery and other expensive treatment
-Boarding charges
-Pet sitters
-Per walkers
-Obedience classes
-Other training classes
-Entry fees for competitions
-Show handlers
-Professional grooming
and-Dental care.
What Plans Should You Make for Your Pets’ Passing?
Many people also want to make plans for the eventual death of their pets. Considerations should include:
- Euthanasia.
Are there any circumstances under which euthanasia should be permitted?
- Funeral Arrangements.
Do you want your pets cremated or buried?
- Memorial Services.
Do you want a memorial service for your pet?
- Distribution of Assets at the Death of a Pet.
How do you want the assets remaining inyour pet’s Trust to be distributed at your pet’s death?
- Charitable Intentions.
Do you want to leave assets to a charity? This could be done through your Will or by leaving the balance in the Pet Trust to a charity.
