Remember Your Loved Ones (of All Species!) in Your Estate Planning
When thinking about estate planning, most of us think about our loved ones. Who will take care of my children? Who will inherit my estate? How will my spouse manage to pay the bills? However, a beloved household member is often overlooked . . . the pet!
While Virginia still classifies pets as property, their owners often treat them as members of the family. As such, responsible pet owners need to have a contingency plan in place for their pets in case something happens to the owners. If you leave your planning to chance, your pet’s future is uncertain. If something happens to you, your pet will be left relying on your friends or family to step up and care for them. If no one has the desire, time, space, or resources, your pet may end up at the mercy of a shelter or adoption agency.
You may believe you’ve addressed this issue via a verbal agreement with someone you trust. You may have a friend or family member who is pet-friendly and has told you they are willing to care for your pet. Unfortunately, that verbal agreement does not come with any guarantees that the person will (or, more often, can) follow through when circumstances change and times get tough, not to mention the potential disputes and competing claims over your pet that may arise among your family, friends, and acquaintances.
A far better course of action is to provide for your pet in your Last Will and Testament. This can be as customized as your needs require. You may simply direct whom you want to take care of your pet, you can set aside money for that person to use in caring for your pet, or you can even establish a pet trust.
A trust may cost slightly more to establish than a provision within your Last Will and Testament, but that is the safest way to ensure that your last wishes will be followed with respect to your pet. With a trust, you can not only leave your pet to someone’s care, but you can also leave funds to be specifically used for your pet and outline the conditions for use.
In addition to these formal steps for ensuring the care of your pet, it is also necessary to prepare the person you choose to care for your pet. Make sure the person knows where to find important information like medical records, and organize those records so that the person can easily identify allergies, medical conditions, and medication. Have the person and your pet spend time together and get to know each other. It would be helpful for the person to have information about your pet’s groomer, sitter, routine, and favorite things. These steps will make the adjustment period much easier for everyone involved.
Responsible pet owners must think about all of their loved ones, including their pets, and plan for the unexpected. Our PJI Law family has many pets, and being very much in the same boat as you are, we care about you and the ones you love, regardless of their species. Contact us if you would like to discuss options for your estate plans and the plans for your loved ones.