In Honor of National Dog Day, 10 Crucial Insights for Protecting Furry Family Members
Americans love pets. In fact, the American Pet Products Association estimates that in 2017, pet owners spent more than $69 billion on their dogs, cats, birds, reptiles and other domestic animals. The money spent isn’t just for pampering the pets. It also includes providing food, covering veterinary visits, and paying for medications.
Have you ever considered what will happen to your pet when you die? Are you sure that one of your friends or family members will adopt your dog or cat, absorbing all associated costs up for their ongoing care and food? Just like anything else, it all boils down to estate planning. If you fail to plan for the care of your pet when you die, your plan will fail. If you want to make sure that your beloved pet will be okay once you’re gone, plan for it.
10 Insights for Pet Estate Planning
- Don’t leave your pet to the mercy of others.
Sadly, we see it all the time. Someone passes on, and no one steps up to take responsibility for the dog, cat, or other pet left behind. You might assume that a family member or loved one will adopt your pet. Unfortunately, quite often, this is not the case. Family members could work long hours or might even be allergic or afraid to introduce an animal into a home with small children. Cost could also be a concern for folks on a tight budget. Too many pets are taken to shelters — or worse, abandoned or euthanized —because their owners assumed rather than planning. - Lack of planning is the primary reason your pet would be left alone.
While it may be a simple concept, you can’t be sure of anything you haven’t planned. No one – family member, neighbor or friend, is obligated to take care of your pet unless you make prior arrangements. If you express your wishes in advance for your pet’s care, and set aside money for the same, your wishes are far more likely to be carried out.
- A pet trust is the most reliable way to state your wishes for your pet after you’re gone.
A pet trust works the same way as any other trust. You set aside money in a fund, naming your dog, cat, bird or other pet as the beneficiary. You will also include instructions for the pet’s care and name your pet’s caretaker. This is the best way to safeguard your pet’s future and make sure your wishes are clear. - Pet trusts are common.
Does planning for your pet sound like something only a high maintenance “Type-A” person would do? You might be surprised. More and more owners include their pets in their estate planning. And legislators are responding in kind. Laws specifically allow pet trust planning in all 50 states and the District of Columbia.
- A pet trust component can easily be added to an existing trust.
A pet trust can easily be incorporated into an existing or new living trust. Most people choose to incorporate their pet trust into their “main” living trust in much the same way that they incorporate trusts for family members or charity. Although setting up a separate trust is an option, it is usually not necessary. - A pet trust can be triggered by incapacity.
One of the most valuable features of a pet trust is that you can include instructions for the care of your pets in the event you become incapacitated. This means the provisions of your pet trust go into effect even if you are alive but somehow can no longer temporarily or permanently care for your pet. This means your pet will be cared for while you’re in a hospital, rehab, or nursing home. - You can be as specific as you want with instructions.
Do you want your dog to be fed only a certain brand of food? Does your cat need to go to the vet four times a year? Are there certain medications your pet must take? Do you want the dog taken to the park at least twice a week? These and other types of instructions can all be included in your pet planning, helping to preserve not only your pet’s health, but also his or her routines, habits, and quality of life. - You can choose a contingent caretaker and/or trustee.
What if the person you chose as your pet’s caretaker or trustee is unable or unwilling to fulfill those responsibilities when the time comes? A pet trust enables you to appoint contingency choices to these positions to allow for any unforeseen circumstances, further securing your pet’s future.
- Your pet trust can serve multiple purposes.
What happens if there is money left over when your pet passes on? How do you decide how much money to designate to the care of your dog or cat? Your pet trust can be structured so that any surplus funds will go to charitable giving, perhaps to an animal charity of your choice. This way, you can provide generously for your pet knowing that any extra money will go to a good cause. As an alternative, you can instead have any money left over go to your surviving spouse, children, or other family members. The choice is entirely yours. - Pet planning means greater peace of mind for you and your family.
It’s remarkable how a simple act like planning ahead can eliminate so much stress from a difficult situation. By arranging for the care of your pet, not only will you enjoy greater peace of mind, but your loved ones will also rest easier knowing there is a plan and provision in place for your beloved pet.
Don’t run the risk that your dog, cat, bird or other pet will be neglected – or worse – when the time comes. Call us today to discuss your options for setting up a new pet trust or adding a pet trust to your existing estate plan. We are here for you and your entire family.
About Skvarna Law
A skilled attorney can assist with your estate plan. Contact us today to learn about your options (909) 608-7671. We operate offices in Glendora and Upland, California. We provide legal services for individuals living in San Bernardino, Los Angeles, Orange and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
