What About Bella? Estate Planning that Includes Your Furry Family Members

We’ve all heard it, “A dog is a man’s best friend.” Well other animals fit into this same category…they are lifelong friends that are incredibly important to you in your life. If you were to pass away today, what would happen to your “furry friend” that has given you nothing but love and enjoyment over the past few years? If you don’t have a plan for them and they aren’t in your estate plan, the odds are they will end up somewhere you don’t want.

Most people think that if you pass away that the family pet will go to someone else to care for in the family. But what if that just doesn’t work for them or there are other circumstances that prevent them from carrying for their pet? Having provisions in your estate plan that both direct and care for your furry friends will give you greater peace of mind and give them the home you would want them to be in.

You don’t need a diamond-encrusted water bowl, or a kitty scratch post made of solid gold to show that you love your pets. However, according to BravoTV.com’s Unleashed article “Don’t Leave Pets Out of Estate Planning,” if you do love your furry family members, you’ll want to include them in your estate plan.

If you want to protect your furry friends if something happens to you, here are some practical tips to help you protect them.

• Think about what you have and what your pet needs. You should only include items of true value within your estate plan. You don’t need to include your pet’s favorite toy or walking leash. But you do want to make sure they have the items that they would find comforting if you were gone.
• It is important to choose a beneficiary. This involves listing a beneficiary or caretaker, who will inherit your pet when you pass away. Talk to them and make sure they truly want to care for your pet and if so, list them as the beneficiary so there aren’t any questions about who will take care of your beloved pet. Check with your estate planning attorney to be sure this is an enforceable provision in your will since it’s not lawful in all states.
• If you don’t have someone who will take care of your pet, find an organization with a program that cares for pets once their owners have passed. Make sure to contact the organization and follow their guidelines in your estate plan. There may be a donation or fees involved so don’t leave any details to chance and record all your wishes.
• Create a pet trust, preferably as part of a revocable living trust. It will make it more certain that your pet will receive proper care. It is critical that you fund this trust so the trustee will be able to carry out your wishes to care for your pet. This is especially true for animals with long life spans, such as horses or certain breeds of birds. A trust ensures that your pet is the primary beneficiary of the entity and will receive whatever funds are placed into the trust.
• Make sure to name a trusted caretaker who will give your pet the same kind of love and care that you would and make sure that they have the financial resources to do so. You don’t need to leave large amounts of money but you also want to make sure there is enough money for food, veterinary care and other expenses so it isn’t a burden on their new owner.

Speak with an experienced estate planning attorney who is familiar with pet trusts and making provisions for beloved family pets. Setting up care for your pets after you have passed can give you greater peace of mind while they are with you and you know they will be well take care of.