Estate Planning for Pets: Why It’s Important and How You Can Do It

Estate Planning for Pets: Why It's Important and How You Can Do ItWhen most people think about estate planning, they don’t immediately think about their pets. However, it’s just as important to have a plan in place for what will happen to your furry friends if you become incapacitated or pass away. In this blog post, we’ll discuss why estate planning for pets is important and how you can go about doing it. We’ll also cover the different options available to pet owners, such as setting up a Pet Trust. So whether you’re a cat person or a dog person, be sure to read on and learn more about estate planning for your beloved pet!

Planning for the Care of your Pet

The most important step in planning for the care of your pet is identifying someone who can take them in and care for them should you become incapacitated or pass away. This should be someone you trust to care for your pet in the same way you would. This should also be someone who is willing to make the commitment to care for the pet for the rest of their lifetime, no matter what happens. This is a significant ask, so it’s critical to talk to the person you choose about this commitment and what you’re expecting if they decide to say yes.

If you’re worried about selecting a person to care for your pet, I can help talk you through your options. If you don’t have anyone in your life who fits the bill, you can consider working with a pet sanctuary or care organization to fill this role instead. Contact me, Paul Margerie, to talk more about this topic today.

Financial Planning for your Pet

When it comes to caring for your pet, you’ll want to make sure you plan for their financial future as well.  This can be done by setting up a Pet Trust. A pet trust is a legal arrangement in which you set aside money or assets to be used for the care of your pet. You’ll also name a trustee to oversee these assets and make sure they’re used according to your wishes. The trustee can be the same person you select to care for your pet but it’s probably smarter to identify a separate trustee to avoid a conflict of interest. You can even choose an attorney, financial planner, or other professional to act as trustee of your pet trust.

If you’re interested in setting up a pet trust, I can help. I have experience drafting pet trusts and can ensure that your wishes are carried out according to the law. Contact Margerie Law today to get started.

Other Considerations for Pet Estate Planning

The more detail you can provide and the more advanced planning you can do, the better. As you are drafting an estate plan that includes your pet(s), consider the following:

  • What kind of special care does your pet require? Do they have special health needs? Behavioral issues? Food preferences or dietary requirements? Write out detailed instructions for their care and communicate these with the person you’ve identified to care for them.
  • Does your pet require special living arrangements, such as a horse that must live on a certain amount of property? If so, you’ll want to make financial arrangements to ensure they have what they need moving forward.
  • What is the longest your pet is likely to live? You’ll want to plan for resources to care for them for that length of time or more. You never know what the future might hold.

When you create a will, you are planning for the future of your loved ones. You want to make sure that they are taken care of in the event that something happens to you. The same thing goes for your pets. They are a part of your family, and you should have a plan in place for what will happen to them if something happens to you. At Margerie Law, I help pet owners plan for the future of their furry friends. I also help people just like you craft wills, trusts, and entire estate plans. Contact Margerie Law to work with me, Paul Margerie, a Milwaukee estate planning attorney, today to schedule a consultation.