Many Americans consider their pets to be vital members of the family. There’s nothing quite like relaxing after a long day of work, as you slowly pet your dog on the couch next to you or listen to the long, slow purrs of your cat as they curl up on your lap. Pets help turn houses into homes, and I’ve been fortunate to experience their incredible presence throughout my life. Our favorite moments are snuggling together with the dogs.
I read an article that actress Diane Keaton may have left over five million for her beloved golden retriever dog, Reggie, with some of that going to support donations to various animal charities.
Simple planning for your pet is to name someone you trust to take care of them and perhaps leave a lump sum of money to help cover the costs. If no one comes to mind to care for your pet, you could consider finding a reputable no-kill sanctuary and leave them a lump sum to care for your pet. You’d want to check to make sure the charity you are considering naming would honor your wishes.
If you want to get more involved, you can create a pet trust. These are authorized under the laws of some states. You identify the pets for whose benefit the trust is created, the person or entity who will manage the trust, and where any remaining assets would go after the pets die.
You can also provide specific guidance on the type of care you’d want to see.
The only thing that remains is determining how much money you want to set aside for your pet.
Consider the monthly care costs and multiply that amount by the projected number of months your pet is expected to live. Add a little extra to cover unexpected expenses, and you should be good.
Pet trusts are one way to protect your pet’s future. Most people opt for simple planning, but you do want to take time to make sure your trustee is on board for honoring your wishes.