I know so many people who with more time at home during the pandemic have adopted a new pet.
Maybe its their first pet, or maybe it is an additional pet for the family. For many people, they love their pets so much, sometimes as much as their human children. I know my in-laws have 8 dogs, all poodles and chihuahuas (well I think it is 8, I can’t keep track as they are always rescuing more all the time, so hard to keep track) (pictured are two of their furry children), and pretty sure they love their pets as much as their children. They barely leave town because they have so many dogs to care for. We have to go to them to visit because they just can’t leave their beloved dogs. So what would happen to their dogs if they could no longer handle their own finances or if they passed away? Many times when a pet owner passes away, their pets end up in a shelter and sometimes end up being put down. Did you know when you’re planning for your estate that you can also plan for your pets?
You can plan for your pets for when you’re still living but just not making your own financial decisions. If you have a financial power of attorney executed, naming someone you trust to make financial decisions for you when you are no longer able, you can grant your agent the power to take care of the financial expense of caring for your pets. We draft our documents to include the power for your agent to pay the costs and expenses associated with the care of your pets.
Planning for your pets after you pass is also possible. Some clients choose to include provisions in their trust that provide who they would want to care for their pets when they are gone. They may list backup caretakers for the pets as well incase someone they chose is unable or unwilling to care for the pets. We have even had clients designate who the Trustee should contact to arrange for the care of their pets if they can’t find a proper home for the pet or pets. You can even have your Trustee distribute money to the pet’s caretaker to help cover the cost of providing care for the pets.