Speaking from experience, the cost of pet ownership can be tremendous. There was the few years where I treated my cat for lymphoma, requiring regular chemotherapy and blood tests; my beloved first dog, Penny, underwent bilateral knee surgery; and nearly every pet I’ve owned has needed teeth cleaning or removal at some point in their lives. Once you add in the cost of regular wellness visits or flea & heartworm prevention, my pets have easily cost thousands of dollars in vet bills alone. I was happy to pay it – I’m an animal lover and had set money aside for that purpose. But what if something happens to me? Is it fair to expect my family to pay the equivalent in a mortgage payment to take care of my animals after I’m gone? Enter the pet trust.
A pet trust is a part of an animal lover’s estate plan, where the owner sets aside funds for their pets’ care and names a person to take custody of the animals owned at death. The caretaker has access to the funds to pay for vet bills and regular expenses. The owner can specify the kind of care their pet should receive, what happens if the caretaker can no longer take care of the animal, and what happens to the money after your pet dies. Your estate planning attorney can help you decide how much should be set aside, considering the overall value of your estate, your pets’ life expectancy, and what kind of care you want your pet to receive.
Beyond writing a pet trust into your will or revocable trust, you should also consider what happens to your pets if you’re unavailable after an accident or illness. The ASPCA recommends pet owners carry a Pet Card alerting first responders that you have a pet at home, with emergency contacts who can step in during an emergency. You should also consider drafting a summary document that names your pet’s medicines, care instructions, and veterinarian contact info to guide your caretakers through your incapacity. You should leave this document in a secure location where it’s likely to be found (it’s a good idea to keep this near your estate planning documents). Your power of attorney should also explicitly grant your agent the authority to spend funds on the pet’s care or place with a long-term caregiver.