Estate Planning for Pets
Marley has been in our family for nearly 7 years. She was our first and only family pet, if you don’t count the bunnies we clumsily cared for once upon a time. I didn’t grow up with pets that were particularly close to me. But, as Marley has made herself more and more a part of our family, I’d want her to be taken care of if we couldn’t.
Planning for pets and animals is becoming a more common component of estate planning. The planning could be boiled down to three steps: Identify, Clarify, and Execute.
Estate planning for pets involves ensuring their well-being and care after you’re no longer able to provide it yourself. Here are steps to consider:
- Identify: Choose responsible caregivers willing to take on your pet’s care. This could be a family member, friend, or a reputable animal welfare organization.
- Clarify: Outline your pet’s daily routine, dietary needs, medical history, and any special requirements. Include information about their veterinarian and any medications or treatments they require.
- Execute: Specify your wishes for your pet’s care and designate funds for their expenses in your will or a pet trust. Be clear about the responsibilities, expectations and compensation for the caregiver.
This information is not only valuable in an estate plan but is also important during any period of time that you are unable to care for your pet due to vacation, sickness, or disability.
Below are links to further information on this topic:
- ASPCA Pet Legacy Program: The ASPCA offers information and resources on pet estate planning, including guides, FAQs, and tools to help pet owners create a plan for their pets’ care after they’re gone. Visit: https://www.aspca.org/pet-care/pet-planning
- American Veterinary Medical Association (AVMA): The AVMA provides guidance on pet estate planning, including articles and resources to help pet owners understand the legal and financial aspects of providing for their pets’ future. Visit: https://www.avma.org/resources-tools/pet-owners/petcare/pet-estate-planning
If a beloved pet is part of your home, consider how best to provide care for them if you can’t. Start with a pad of paper and identify the who and what. If you want to take further steps with the how, talk to an estate attorney versed in planning for pets.
I’ll end with one of my favorite quotes about planning: “Planning is bringing the future into the present so that you can do something about it now.” Alan Lakein
Any opinions are those of Landon Vick and not necessarily those of RJFS or Raymond James. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete; it is not a statement of all available data necessary for making an investment decision and it does not constitute a recommendation. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decisions.
Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.
