Estate planning often focuses on human beneficiaries, but pets also deserve proper care after an owner’s passing. Including pets in an estate plan ensures they receive care and protection according to the owner’s wishes.
Designate a pet guardian
The first step in planning for a pet is naming a trusted person as the pet’s guardian. This individual will assume responsibility for the pet’s care, so it’s important to choose someone who is both capable and willing to take on this role. Discuss this decision with the chosen guardian in advance.
Set aside financial resources
Providing financial resources for a pet’s care can help alleviate the guardian’s burden. This can be achieved by setting up a pet trust. A pet trust allocates funds specifically for the pet’s needs, covering food, veterinary care, grooming, and other expenses. The trust also appoints a trustee to manage the funds and ensure they are used appropriately.
Include detailed care instructions
Every pet has unique needs. Including detailed care instructions in the estate plan helps ensure that the pet continues to receive the same level of care as before. This may include information about the pet’s diet, exercise routine, medical conditions, and favorite activities.
Regularly update the plan
As circumstances change, so should an estate plan. Owners should regularly update their plans to reflect changes in their pet’s needs, the guardian’s availability, or financial resources. This ensures the pet’s well-being remains protected throughout its life.
Planning for pets in an estate plan offers peace of mind, knowing that beloved animals will be well cared for, even when the owner can no longer provide for them.
