It is probably a safe bet that no one ever wants to think about planning for their estate. However, it has to be done. Estate planning allows for provisions that establish arrangements for family members, but so often our furry family members are forgotten. Unfortunately, when this happens pets that were once loved and cherished often end up in shelters or on the streets.

Planning Steps to Take Care of Now

The first steps to take to plan for the future of a pet involve the following:

• Identify a Committed Caregiver
• Don’t assume that your pet will be lovingly taken in by a friend or relative
• Talk to your caregiver choice to make sure that you have their commitment
• Once a caregiver has been chosen, put the agreement in writing
• Take time to notify family, friends, and your veterinarian of these plans and provide them with the caregiver’s contact information
• Establish Expectations
• Create a packet that details the pertinent information of your pet, include such things as:
• Veterinarian’s name, address, and phone
• Medical history
• Shot records
• Medication list
• Procedures completed or discussed with veterinarian
• Allergies
• Outline of daily care and exercise routine
• Type of food and feeding schedule
• This packet should also express the standard of living that you want for your pet including medical care and end-of-life decisions
• Go over the packet information with the caregiver to ensure that there is a solid level of understanding as to your expectations
• Remember to update the packet information when details change
• Provide for Expenses
• Establish funds to cover the future of your pet; include for expenses such as:
• Wellness protection plan premiums
• Health insurance premiums
• Annual shot costs
• Dental cleanings and care
• Veterinary appointments and care
• Annual licensing fees
• Food and treats
• Grooming costs
• Toys, bedding, and litter

Formalized Pet Care

Following these basic preparations, the next steps involve formalizing the agreement for pet care. Two methods that are often used to identify the expectations for the future care and protection of a pet include establishing a pet trust or a pet protection agreement.

• Pet Trust
• Enables animals to be beneficiaries of established trust funds in ways similar to a trust fund established for a child
• The pet trust works as follows:
• The money in the trust is managed by a trustee
• The trustee disperses the funds to the caregiver
• The caregiver is to use these funds for the care of the pet in the manner as instructed in the trust
• Can be costly as they require attorney fees to execute and maintain
• Considered to be the best way to ensure that the owner’s wishes for the pet are followed
• Pet Protection Agreement
• The pet protection agreement works as follows:
• A written document is created that states the wishes for the pet’s future and outlines the care for the pet
• Owner and caregiver agree on expectations, sign and notarize the document
• Does not involve attorneys and is more affordable
• Will identify caregivers and expectations, but is not considered to offer the same level of protection for a pet as the pet trust

The main point to remember is to plan ahead of time by talking to family members or friends about the possibility of taking care of your pet should you become disabled or pass away.

Want to learn more about helping your clients plan for their pet’s future? Contact your Covetrus representative today at 855.724.3461.

Information gathered from:
http://www.aspca.org/pet-care/planning-for-your-pets-future/pet-trust-primer
http://www.humanesociety.org/news/magazines/2013/07-08/backup-plan-planning-for-pets-after-owner-death.html
http://www.marketwatch.com/story/estate-planning-to-care-for-your-pets-2012-12-25