Estate Planning Lawyer
Whether you have a dog or cat, a pet is like a member of the family. You would do anything to ensure your furry family member’s safety and comfort. It’s also important to think about what could happen to your pet after you’re gone. Sometimes pets can outlive their owners. That’s why it is crucial to include your pet in your estate plan.
A pet trust can state your wishes for your furry family member after you die and leave money to fund its needs. Here are some tips for establishing a trust for your pet.
Select a Caregiver
Pets are a big responsibility and may require a lot of care. That is why it is important to select a caregiver who is up for the task. Ideally, you want to choose a friend or family member who knows your pet. This will make the transition easier should the unexpected happen. The person you select as your pet’s caregiver should also have a comfortable living environment and actually have the time to give your pet the proper attention. Before you name a caregiver in the trust, have a conversation with the person. You will want to make sure that he or she can take on the responsibility.
Describe How to Take Care of Your Pet
Pets all have different needs. The person you select as caregiver may not be aware of your pet’s needs unless you clearly state them. For example, your pet may have to eat a special diet or require a certain shampoo. Your pet may also have to take medication regularly. If you provide specific details on how to take care of your pet, you will have a peace of mind knowing that your furry family member will be comfortable.
Set Aside Adequate Funding
As you likely already know, taking proper care of a pet can be costly. From food costs to vet bills, you may spend a good amount of money on your pet every year. To ensure your pet has a good quality of life after you’re gone, you must set aside sufficient funding. Figure out how much money you spend on your pet every year and factor in emergency costs..