Frequently Asked Questions: Planning for Pet Parents

Question 1: I have an estate plan but did not include my pet. Can I add my pet as a beneficiary of my current plan, or do I need to set up a separate plan?

We can easily change your current estate plan to include instructions that benefit your pet, designate someone to care for your pet, or leave a sum of money for the benefit of your pet to be held in a pet trust and managed by a trustee of your choosing; in fact, a pet trust can be part of a larger revocable living trust-based plan. If you want or need a pet trust, we can add one to your plan as a separate tool to meet your and your pet's needs.

Question 2: My dog requires a particular routine to feel safe and prevent anxiety or sickness. How can I be sure a caretaker will follow my dog's routine?

Your estate plan should include instructions for your pet's care, and these instructions can be as specific as necessary. If your dog needs a particular type of food at precise times of day, prefers a special toy, has a specific bedtime, or needs a walk three times a day in a certain park near your home, you can include all of this information in the instructions that are provided to your pet's caretaker. You should also talk with the person you plan to appoint as caretaker, explain these important details, and answer any specific questions they may have, so they know what to expect. You can even invite your appointed caretaker to tag along for a few days to get familiar with your pet's routine.

Question 3: I am unsure how much money I need to set aside for my pet. I want to make sure there is enough money without overdoing it. Can you help?

We can certainly help! The specifics about how much money to leave for your pet will vary greatly depending on your specific circumstances, but we can help you create an itemized list of expenses for your pet to ensure there is enough to cover all of your top priorities. Factors to consider will include how long your pet is expected to live, the current costs of caring for your pet, costs for the caretaker/trustee, etc. You can easily designate where any extra money goes after your pet passes on (for example, unused funds could be donated to your favorite animal shelter, a charity, or a loved one), so you can rest assured that any extra will not go to waste. Depending on the amount being set aside and your other accounts and property, we can also work with your financial advisor to ensure all aspects of your estate plan are coordinated with your other financial objectives.

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