Estate Planning
Preparing for your pets
Pets have many benefits for the elderly - they provide companionship, encourage more exercise, and may improve overall well-being. However, many people don't prepare for the chance their pets may outlive them. Their heirs may not be prepared to take in a new pet and often animals are taken to shelters or euthanized. This is not a good situation. What can be done in advance to make certain the pets who love you receive the care they deserve when you can no longer provide for them?
Identify the alternate pet caretaker
Ask someone in advance if they will take your pets when you die or if you are no longer able to care for them. Have an alternate person named just in case your primary choice is unable to provide for their care. If you have no one willing to take over this duty, ask the people acting as your financial surrogates or caretakers if they will arrange long term placement other than a shelter.
Provide financial resources to provide for your pet
Let the potential caretaker know you will provide financial resources to care for your pet. There are multiple ways you can address this:
- In your will, provide a dedicated amount to the person who agrees to take care of your pet. This will require that assets go through probate to provide for the caretaker but will allow you to state your intentions for pet care.
- If you are concerned that the designated caretaker will not provide for your pets over their lifetime, you can create a trust in your will for your pets that dictates the type of care they are to receive and holds the money to provide for that care. You will need to appoint a trustee to oversee this money. However, a trust has ongoing costs and tax filing requirements, so if the amount is not significant, the costs may not outweigh the benefit.
- Make the person who has agreed to take care of your pet a beneficiary of your life insurance or retirement account in the amount necessary to provide for your pet. It is important to revisit this frequently as the person or number of pets may change. Realize that this will not obligate them to take your pets after you die.
Leave good instructions
The caretaker needs to know the specifics. Food types, amounts, feeding times, and favorite toys are important to provide your pet some consistency when they are facing a big change in their life. Outline medical problems, treatments, and the name of your veterinarian. Let your veterinarian know who your pet surrogate will be in the event you can no longer care for your pets.
After you have created these instructions, share them with your future pet surrogate so they know how to deal with your animals in case of a sudden event. Also let all your potential heirs know about the arrangement for your pets to prevent future quarrels. By thoughtful planning in advance, your pets can live out the rest of their lives in a manner they deserve.