Estate planning for pets

Estate planning, once limited to human beneficiaries, has now extended to include beloved pets in order to provide for their well-being after the owner’s death. Consequently, pets are no longer considered possessions but rather they are increasingly recognized as family members deserving a safe and happy future.

Estate planning for pets involves creating provisions for the pets’ care and comfort during the owner’s incapacity or after the owner’s passing. The goal of the estate planning for pets is to ensure that they will receive the same care, attention, and resources they are used to receiving even if their owner is no longer able or available to care for them.

Estate planning for pets entails more than just securing funds for their care. It requires a complete plan that protects their future, including designating their caregivers, addressing their specific needs, habits, preferences, and daily routines, considering any legal and financial issues, and even designating alternate solutions if the primary plan is unattainable. The more details are provided, the better prepared the designated caregiver will be to ensure one’s pet’s well-being.

The designation of the pets’ guardian is typically the most crucial. This person will care for the pets and attend to their needs. It is crucial to discuss such designation with the potential guardian to ensure their willingness and ability to care for one’s pets.

Most commonly, a family member or a close friend is designated to serve this role. The estate plan should also account for the situation when no designated person is willing or able to care for one’s pets and should provide for alternate solutions such as placing the pets in a shelter or charging the trustee with finding them a good home.

The designation of sufficient funds for the pets’ care is a vital component of an effective estate plan. Keeping in mind the lifespan and specific needs of one’s pets, adequate funds should be set aside for the expenses such as food, grooming, veterinary care, and any emergencies.

Different legal instruments can be used to prepare plans for one’s pets. A pet trust is a legally recognized document: the pet trust sets aside funds for the pets’ care in trust and the funds are managed by the designated trustee in accordance with the terms of the trust. Provisions for the care of one’s pets can also be included in the last will and testament: designated individual can be nominated to assume the responsibility of caring for the pert and the funds can be allocated for the pets’ care. Finally, a simple letter of intent can outline the instructions for the pets’ care. However, the letter is not a legally binding instrument and would not ensure the financial support for one’s pets.

Estate planning for pets is more than just a trend and rather a responsible way to ensure that one’s beloved furry family members have a secure and comfortable future even without their owners. Incorporating available legal mechanisms such as pet trusts, provisions in the wills, or letters of intent into one’s estate plan guarantees the well-being of one’s beloved companions.

Natalia Vander Laan is a Minden attorney