Love Your Pet With Estate Planning
In the U.S., February 20 is recognized as National Love Your Pet Day. This special day serves as a great reminder to give your beloved companion some extra love and care. It’s also an opportunity to think about their long-term well-being.
No matter if you have a dog, cat, bird, or reptile, there are ways to plan for their future. If you become unable to care for them due to unforeseen circumstances, having an estate plan can ensure they continue to receive proper care.
One option is to specify in your will who should take over the responsibility of your pet. However, this doesn’t guarantee that the chosen person will fulfill their duty. A more secure approach is setting up a pet trust, which legally requires a designated individual to manage funds and ensure your pet's needs are met in the future.
A pet trust is a legal way to make sure your pet is cared for if you pass away or become unable to look after them. It is recognized in all 50 states and Washington, D.C., though laws vary, so it’s important to update the trust if you move.
With a pet trust, you set aside money that a trustee manages to cover your pet’s care. This ensures they receive food, veterinary attention, and other necessities. Unlike a will, a pet trust avoids probate delays and is especially helpful for long-living animals like parrots, horses, or tortoises.
A pet trust can cover veterinary care, emergency expenses, food, grooming, boarding, pet-sitting, exercise, companionship, and even end-of-life arrangements. Some states limit the length of a pet trust, often up to 21 years.
To set one up, you need to choose a trustee and a backup in case they are unavailable. The trust should outline your pet’s daily needs, select responsible caregivers, plan for veterinary check-ins, estimate costs, and decide what happens to any remaining funds after your pet passes. To prevent fraud, it’s important to provide clear identification of your pet, such as photos or a microchip.
Making your wishes clear is essential. You can specify feeding schedules, preferred food brands, and exercise routines to maintain your pet’s quality of life. A well-prepared pet trust ensures your beloved companion continues to receive the care they deserve.
If you'd like to speak with an attorney to begin planning for your pets, give us a call at 605-275-5665.
Read more: Love Your Pet Day: Estate Planning and Your Companion Animal
