If you are considering creating an estate plan for your pets, you are not alone. Many pet owners would want their pets to receive the best care after they are gone or no longer able to care for them due to illness.
There are many reasons why you would want to curate an estate plan for your furry and feathered friends. These include the following.
An estate plan helps ensure continued care
When you curate an estate plan for your pets, you provide guidance on who will take responsibility for their care, ensuring that they are placed in a loving and capable environment. This includes specifying a trusted individual or organization as the pet’s caregiver, outlining detailed instructions for their daily care routines, dietary needs, medical history and any special requirements they may have.
Peace of mind
With a properly constituted pet estate plan, you help ensure that your pets will be looked after according to your wishes, even if unforeseen circumstances prevent you from being there for them. Knowing that you have made arrangements for their ongoing care brings peace of mind, allowing you to focus on enjoying the time you have with your pets while you’re still able to be with them.
How to curate an estate plan for pets
Estate planning for pets is often best done through pet trusts. These are legal arrangements that allow you to set aside funds and designate a trustee to manage those funds for the benefit of your pets. The trustee is responsible for ensuring that the money is used to provide for your pets’ needs including food, veterinary care, grooming and any other expenses outlined in the trust document. Pet trusts typically remain in effect for the duration of your pets’ lives, better ensuring ongoing care and support even after you’re no longer able to provide it yourself.
Legal guidance can be helpful in understanding the requirements of creating a pet trust and helping ensure that it is properly constituted and executed in accordance with applicable laws and regulations.
