Some Considerations When Estate Planning For Pets

For many retirees, pets are an integral part of their life as they provide companionship and give the owner something they can take care of out of love alone. But this relationship also causes some complications when it comes to estate planning since providing care to the animal after death or incapacitation can be problematic. Here are some considerations to keep in mind to make sure your pet is protected:

• Make sure to give another person the right to take care of the pet using a power of attorney or other instrument. In addition, specifics on how to care for the animal can be given in a will or through a trust.
• Prepare documents that give any future caregivers the proper information they need to take care of the pet. Facts such as age, medical history, dietary restrictions, and the like will likely be of invaluable help.
• If you are in a state that allows pet trusts, put thought into the details of what will be required. Choosing the proper caretaker is always a priority as well as funding the trust with enough resources to ensure that the animal will be well taken care of.

See, Caring for Pets As Part of Your Estate Plan, National Law Review, April 21, 2016.

Special thanks to Jim Hillhouse for bringing this article to my attention.