Planning for Your Pet

Including your pet in your estate plan is an important but often overlooked aspect of ensuring your loved ones — including your animal companions — are cared for after your passing. Pets are legally considered property, which means they do not automatically inherit assets or have legal rights. Therefore, taking proactive legal steps is essential to guarantee your pet’s well-being.

Choose a Caregiver

The first and most important step is selecting a responsible and willing caregiver. This should be someone who knows your pet, understands their needs, and is prepared to take on the responsibility. It’s essential to discuss this with the chosen individual ahead of time to ensure they’re truly willing to take over the care of your pet. As a backup, you should name an alternate caregiver in case your first choice is unable or unwilling to take on the role when the time comes.

Include Specific Instructions in Your Will

Your will can name a caregiver and allocate funds for your pet’s care, but it has limitations. While you can leave money to a person with the intention they use it for your pet, there's no legal obligation for them to follow through. For greater control, consider setting up a pet trust.

Set Up a Pet Trust

A pet trust is a legally binding arrangement that allows you to set aside funds specifically for your pet’s care. You designate a trustee to manage the funds and a caregiver to care for the pet. The trust can outline detailed care instructions, such as dietary needs, grooming preferences, veterinary care, and even your pet’s favorite toys or routines. The trustee is legally obligated to ensure the funds are used as intended.

Pet trusts can be either testamentary (created as part of your will and activated upon your death) or living trusts (which take effect during your lifetime and can continue after your death). A living trust can also provide for your pet in the event of your incapacity.

Determine the Appropriate Funding

Estimate the cost of caring for your pet over the remainder of their life. This includes food, medical care, grooming, pet insurance, and emergency expenses. Multiply annual expenses by your pet’s life expectancy, and consider adding a buffer for inflation or unexpected costs. Overfunding can sometimes be challenged in court, so work with an attorney to determine a reasonable amount.

Include Emergency Instructions

Emergencies happen, and it's wise to prepare for sudden hospitalization or incapacitation. Keep a pet care card in your wallet listing the pet’s name, type, and contact information for their caregiver and veterinarian. Also, consider leaving care instructions in an accessible place in your home.

Review and Update Your Plan

Your estate plan should evolve as your life and your pet’s needs change. Review your documents regularly, especially after major life events like marriage, divorce, or acquiring a new pet.

Including your pet in your estate plan ensures that they continue to receive love and care, even if you're no longer able to provide it yourself. With the right planning — including naming a caregiver, setting up a trust, and documenting care instructions — you can have peace of mind knowing your furry (or feathered or scaly) family member will be in good hands.