Estate planning usually centers on wills, trusts and inheritance for our human loved ones. But what about caring for any furry, feathered, or scaled companions who outlive us?
Estate planning for pets is a compassionate and practical way to ensure your pet continues to receive the love and care they deserve—no matter what the future holds. Here’s what you need to know.
As a pet parent, you know caring for a pet is a significant responsibility. Many pets left behind after their loved one passed are surrendered to shelters when care becomes overwhelming.
When designating a caretaker for your pet, don’t make assumptions. Ask first! Communicate your intentions clearly and make sure they are both willing and able to care for your pet.
An unexpected loss will be disruptive for your pet, but established routines can help support them during the transition. Producing a letter with care instructions, as well as medical notes and veterinary contacts, eliminates uncertainty for your caretaker during a difficult time.
Your letter should also include information on day-to-day routines, like feeding schedule and diet, as well as your pet’s behavioral quirks and fears. Also include tips on how to comfort your pet and info on their favorite toys and treats.
Pet care can create a significant financial burden for your caretaker. To combat these expenses, many pet families will put money aside to help cover costs.
When determining how much caring for your pet could cost, be sure to include both regular expenses like food and regular checkups along with estimated expenses for veterinary care later in life.
It’s difficult to anticipate what kind of care an aging pet may need and how much it could cost in the future. Nationwide pet insurance policies can be transferred from one caretaker to another to help make monthly expenses more predictable and control unexpected costs due to illness and injury.
How should your pet’s savings be held and protected? A few common options are available, depending on the size of the nest egg and your needs.
A small savings account earmarked for pet care and noted as a bequest in your will is satisfactory for most pet estates. For larger amounts of money, you may wish to establish a pet trust. This legally binding fund will require you to name a trustee to manage the funds, as well as caregivers who can receive them. The trust will also specify how the money can be used and is legally enforceable in all 50 states.
Wills can name a caregiver and allocate funds, but they don’t take effect immediately. A pet trust is often more effective for immediate and ongoing care.
Circumstances change. If you adopt a new pet, lose a job, or your chosen caregiver’s situation changes, these situations warrant an update to your will. A pet estate plan that isn’t regularly updated can create more problems than it solves (especially when there’s a trust fund involved).
Estate planning for your pet isn’t just about legal documents—it’s about love, responsibility and peace of mind. By taking thoughtful steps today, you can ensure that, even in your absence, your beloved pet will be cared for and protected during their lifetime.