Picture this: You’re perched on the family couch, maintaining your most serious “responsible parent” expression while your children deliver a presentation titled “Why Our Family NEEDS a Pet (Yes, Really).” Despite your previous declarations that your family will never get a pet, they promise to take care of everything with the unwavering dedication only a ten-year-old can muster. Fast forward three months, and here you are—outside at 6 AM in your pajamas, leash in hand, wondering when “they’ll feed him” transformed into “you’ll feed him, walk him, and pick up after him.”
But it is in these quiet moments—the early morning walks, the late-night cuddles, the unspoken companionship—that we come to see our pets not just as animals, but as family.
However, with this newfound bond comes a responsibility that goes beyond food and walks. It raises a question your children’s passionate presentation likely didn’t cover: “How can I ensure my pet’s well-being after my passing?” While the answer to this question may seem straight forward, there are multiple considerations in including a pet in your estate plan.
Before You Plan: Questions You Need to Answer
Who will assume ownership of my pet?
The answer to this question is especially important for two reasons:
One, pets are considered property, not people. This legal distinction means that if you want someone specific to care for your pet, when you no longer can, you should name them in your estate plan. Failing to name a designated caregiver can lead to your pet being transferred to a shelter, placed in animal control, or worse—put down.
Two, you want to be sure that you choose someone who you fully trust, who is responsible, and who is willing to care for your pet. You should discuss your decision with your selected caretaker to confirm their willingness to take care of your pet. You should also consider naming a successor caretaker, in case your primary caretaker was to predecease you.
How will my pet be cared for?
Pets are like people; they have routines, preferences, and medical history. Documenting such information gives you the ability to pass on a set of instructions to your pet’s future caretaker. This will ensure that your pet maintains the lifestyle they enjoyed during your lifetime, reducing stress on your pet (and their future caretaker!) as they transition to life with a new owner.
How will the new caretaker provide for my pet?
Your children weren’t wrong—owning a pet involves real responsibilities, and those responsibilities come with real costs. Pet care can include expenses such as food, veterinary care, medications, grooming, and even boarding or daycare. Compiling a record of current and estimated expenses can help you to prepare for estate planning. This key preparation can help guide you in deciding how much money to allocate for the care of your pet, or as a budgeting guide for your pet’s future caretaker after you pass away.
Has my situation changed?
Keeping your estate plan up to date with your most current situation is good practice, and any major life event is an indicator that your plan is in need of an update. If your pet is included in your plan, there are additional factors to be conscious of such as: a new pet in the household, updates in your caretaker’s circumstances, or changes in your financial situation.
Ways to Secure Your Pet’s Future
As pet ownership grows, so does the demand for pet care solutions. More pet owners today are considering their furry companions as true family members, and want to treat them as such. In response to this need, industries have introduced various resources, such as pet trusts or pet insurance, designed to support the care and well-being of beloved pets.
Leaving a Pet in a Will
To leave a pet in your will, and ensure their care after your passing, you must name someone to assume ownership of your furry best friend.
In addition to naming new ownership, you can also provide care instructions and allocate specific funds to the designated caretaker for the explicit usage of pet care. This ensures that your beloved companion will receive proper attention and support, and will assist the caretaker by easing the burden of any costs associated with your pet.
However, it is important to consider that a will is required to go through probate, a period in which any outstanding expenses of your estate (debts, taxes, etc.) are settled. While your will is in probate, your pet’s future caretaker cannot access any funds specified in your will for your pet’s care (until after the process is complete).
Pet Trusts
A pet trust, like a will, allows you to grant ownership of your pet to a new caretaker, transfer funds for the care of your pet, and leave any specific care instructions. Additionally, a pet trust, like any other trust, allows you to avoid probate, granting your pet’s caretaker immediate access to any funds left for your pet’s care. You can (and should!) also name a successor caretaker in your trust, allowing you to further secure your pet’s well-being and prepare for any unexpected situations.
A pet trust also allows you to outline a designated trustee who will manage the funds and ensure their proper usage towards your pet.
Financial Planning
There are a few ways you can financially plan for a pet’s care, outside of passing money through a will or trust:
- Savings Account: Setting up a savings account dedicated to pet care allows you to budget for your pet’s current and future care. These funds can then be passed on directly to your pet’s future caretaker by naming the caretaker as a beneficiary of the savings account.
- Life Insurance Policy: You can name your pet’s future caretaker as a life insurance beneficiary and designate a certain amount or percentage of the funds to be used for your pet’s care.
- Durable Power of Attorney: If you were to become incapacitated, the agent assigned through your durable power of attorney can access any funds you specify to cover pet related expenses, facilitating your pet’s immediate care.
Where Loyalty Meets Legacy
We want to do all that we can for our pets; they depend on us and love us unconditionally. Their care, however, should not end with an extra treat (or two!) after dinner. Whether through a will, a trust, or other planning tools, our attorneys at Giro & Associates, LLC can help you make sure that every member of your family—even the furry one—is protected.
Call our River Edge, New Jersey Law Office at 201-502-7834, or send us a message with a brief description of your situation, and we will get back to you right away.