Furry Family First: How to Secure Your Pet’s Future When You’re Gone

If you’re among the 66 percent of U.S. households that own a pet, your furry (or feathered) friend is likely a beloved member of your family. But what would happen to them if something unexpected happened to you?

Have you made any arrangements to ensure your pet is taken care of if they outlive you?  If not, it’s time to think about adding your pet to your estate plan.  And even if you already have a plan, it might be worth revisiting to ensure everything’s still on track.

Here are some essential steps and resources to get you started…

Getting Started

Determine Your Wishes and Intentions

First, decide how you want someone else to care for your pet.  Do you have specific wishes, like a particular type of food, favorite vet, or other care preferences?  It’s important to be clear about these details so you can communicate them to your chosen caregiver.

Identify a Caregiver

Next, figure out who will take responsibility for your pet after you’re gone.  Ideally, this should be someone you trust to care for your pet as well as you do.  Make sure they are willing and able to take on this responsibility and discuss your expectations for your pet’s care with them.  If no one comes to mind, consider humane organizations that can step in.

Consider the Financial Aspects

Think about the costs associated with your pet’s care.   Do they need special food or medication?  Are there health issues that might require expensive treatments?  Understanding these costs now can help ensure your pet’s caregiver is prepared. 

Creating a Formal Plan

Don’t just rely on verbal agreements.  Instead, create a formal, written plan detailing who will care for your pet, what the care expectations are, and how it will be financed.  Here’s why making it official matters:

Under the law, animals are considered property, so you can’t leave money directly to your pet. Here are three main options:

1. Pet Care Agreement: This is a contract with someone who has agreed to care for your pet if you die. It’s legally enforceable, ensuring your pet gets the care you’ve planned for.

2. Pet Trust: A pet trust is another enforceable arrangement that ensures your wishes are followed. You’ll need a trustee to manage the trust and possibly a separate pet guardian.  The trustee can check on your pet’s well-being and ensure the funds are used correctly.  Just make sure your trust complies with state laws.

3. Will Bequest: Your will can designate a guardian for your pet and allocate funds for its care.  Ensure the provisions in your will are compatible with your state’s laws, especially if you’re using a pet trust. 

Financing Your Pet’s Care

It’s often necessary to provide funding for your pet’s care. Calculate the amount needed based on:

– Your pet’s life expectancy (some pets like macaws can live over 50 years!),

– Potential medical costs as they age,

– Any compensation for the caregiver’s efforts.

Then, be sure to decide where any remaining funds will go if your pet passes away.  Common choices include the caregiver or an animal welfare organization.

Plan Now!

You don’t need to be extremely wealthy to plan for your pet’s future.  But if you see your pet as a beloved family member, it’s wise to take steps now to ensure they continue to receive the love and care they’re used to.

So, let’s get started.  Your fur-baby’s future depends on it.

If you or someone you know might benefit from reading this month’s Coach’s Corner article, please feel free to pass it along to any family member, friend, or co-worker you think would enjoy it…

…and if you’d like to consider a potential 2nd opinion on your retirement plan, estate plan, and investment portfolio, CLICK HERE to take the first steps to answer a few questions and get an intro call set up on our calendar.

‘till next time!

Adam