Estate Planning For Pets

Pets cannot be beneficiaries of an estate.

However, pets are very easily included in estate plans if you choose to do so.

Why is it important to include your pets? If your pet is going to the same person who is inheriting your entire estate, the need to include your pet may not be so great.

Not all pets are expensive, such as fish. However, dogs and cats both require more expensive food than other pets and also routine vet appointments, vaccinations and licensing.

Calculate how much is spent per year on your pets.

If you have multiple beneficiaries of your estate and only one of them is taking your pets, is it fair that beneficiary has the burden not just time-wise caring for your pet but also financially?

A trust can withhold a stated amount (such as $5,000 or $10,000) to be held until the last of the grantor's pets has passed.

While your pets are living, the caretaker for your pets can periodically provide receipts to the successor trustee of the trust to be reimbursed from the amount set aside.

Once the last pet has passed, any amount remaining that was set aside can be distributed according to the terms of the trust, which can be to the remaining beneficiaries or to your favorite animal charity.

Pets do not need to be listed name - the language can state in general terms "the grantor's pets" to cover any future furry loved-ones.

Talk with potential caretakers prior to creating your estate plan. Make sure they have the room, time and desire to care for your pets. You can also choose to leave something extra to your pet's caretakers.

Consult with an attorney to learn more about including pets in your estate plan.