Pets are very important parts of our lives, and are sometimes overlooked when estate planning. You can do the same for your pets as you do for your children and/or beneficiaries- you can create a pet trust and appoint a guardian to take care of them for the entirety of your pet’s life! Animals are a great comfort to those towards the natural end of their life, and tomorrow is never promised for anyone, so it is best to be prepared regardless of your age.
If the idea of your precious animal ending up in a shelter if you were to pass away is horrifying to you, here are some things that you can do:
Just like with a minor child, you can appoint a guardian to your pet. Make sure you speak with them and that they would be willing to take ownership if you were to pass away. Unlike with children, it’s generally acceptable for multiple pets to go to different people, unless the pets themselves are bonded.
Is there a person who your pet sees often that they adore? Someone your pet might choose if you were able to ask them? Unfortunately, we can’t explain to pets what has happened when their person passes away, but having someone familiar to them can make the transition easier.
Outside of funds you provide, does that person have what your pet would need? If you have a dog that needs lots of exercise, you would want to pick someone with an active lifestyle or a large yard where they can run and play. If you have a cat known to dislike children, giving her to your sister with four young children might not be a great fit. Consider someone with the right environment and personality for your pet. If possible, pick a new owner and an alternative individual in case the first pick is no longer available or willing.
You can set aside funds for the new caretaker of your pet in a couple of different ways:
You can write a provision in your will naming a new owner and inheritor of the funds. This tends to be the easiest solution, if you fully trust the person you’d name as the new owner of your pet.
We have all heard horror stories of the nephew abandoning Grandma’s cat, Fluffy, and buying a new car with the funds dedicated to her care; so if you are concerned about that, you can create a Pet Trust. This creates a legal obligation for the person you name to follow instructions for your pet’s care and to use the money for your pet only. You can provide a separate gift to them as a “Thank You” for caring for your animal, and have the remaining funds in the trust donated to charity so there is no incentive for the new owner to skimp on their care.
Consider how long your pet will need to be cared for based on their age and the average lifespan of the type of animal they are. The oldest cat ever was 38 years old, and the oldest dog 31, but the oldest cockatoo lived to 83! That said, you likely don’t need to plan for them to live quite that long. Your pet’s vet might be able to give you a solid estimate of longevity based on their individual health and breed.
Then, take inventory of how much money you spend on your pet in a year. Do they get a special kind of food? Do they require any special veterinary care, like insulin for diabetes? Do they get updated vaccinations and how often? Do they destroy a chew toy each week and regularly need new ones?
This information, and any other pet care information, should be laid out in your will or trust.
Knowing how long your pet is likely to live, you can set aside money based on when you pass away and how much longer your pet is expected to live.
Example: If my guinea pig, Nugget (born July 3rd, 2024), survives me upon my death, I nominate my daughter, Jane Doe to be the guardian of Nugget and Trustee of this Pet Trust. If Jane Doe is unwilling or unable to act as Guardian and Trustee, I appoint John Dawson to be successor Guardian and Trustee. From my estate will be set aside $600 per remaining year of Nugget’s life, assuming he will live to 7 years old. $2,000 from my estate will also be set aside for additional and veterinary care. I would only like Nugget to be humanely euthanized in the event of his terminal illness and for his comfort as recommended by his veterinarian. Upon Nugget’s death, the remaining funds in the Trust shall be donated to Minnesota Pocket Pet Rescue, from whom I originally adopted Nugget. Specific care instructions are outlined below.
If you very much want your pet to go to a good home but have no one in your life who could care for your animal, there are several Universities of Veterinary medicine across the country that provide a perpetual pet care program, such as Purdue University’s Peace of Mind program. They require a gift to the university, from $25,000 to $100,000, depending on the kind of pet, which will go towards taking care of your pet and getting them adopted into a loving home, for which you can specify your requirements. The funds remaining at the end of your pet’s life are donated to the University Veterinary program.
If circumstances change and your chosen appointee and alternatives are unable to take in your pet, you can appoint your Personal Representative to make arrangements. If all else fails, there are several no-kill shelters in Minnesota that take in animals whose owners have passed. Your Personal Representative may look into Animal Ark, The Rescue Crew, or Pet Haven to take your pets in and care for them while they look for their new forever home. If your Personal Representative have the means to temporarily care for your pet, There are also free websites like Rehome by Adoptapet or Home to Home by PetHaven where they can begin the search themselves.
Our associates can help you decide if a Will Provision or a Trust is right for you, and facilitate creating one.
Whatever you choose, the fact that you’re thinking about the future for your pet shows how dearly you love them.
