Pet Beneficiary Planning

Pet Estate Planning Checklist

1. Assess Your Situation

- Evaluate both your life expectancy and your pet's life expectancy. Consider the level of care your pet will require in the future.

2. Review Costs

- Conduct a thorough analysis of your pet's daily, monthly, and yearly food and care expenses.

3. Veterinarian Preference

- Decide whether you want your pet to continue receiving care from their current veterinarian.

4. Legal Documentation

- If you possess any legal documents related to your pet (such as a divorce decree), review them carefully and consult with your attorney about any uncertainties.

5. Identify a Caregiver

- Select a trusted individual who will be responsible for your pet’s care.

6. Documentation of Licenses

- Compile a list of any licenses, certifications, or registrations related to your pet. Include copies of these documents in your estate planning materials.

7. Provide Care Instructions

- Include comprehensive pet care instructions in your estate planning documents, detailing any medications or supplements your pet requires.

8. Understand State Laws

- Consult with your attorney to find out if your state has specific estate planning laws that pertain to non-traditional household pets compared to more common pets like dogs or cats.

9. Consult an Attorney

- Engage with your estate planning attorney to address any potential issues related to your pet and to discuss the merits of establishing a pet trust.

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Pet Trust

If you choose to create a pet trust to ensure seamless care for your pet if you become incapacitated or pass away, collaborate with your attorney to complete the following steps:

1. Identify Pet Type

- Clearly distinguish whether your pet qualifies as a traditional household pet or a non-household pet under pet trust laws.

2. Describe Your Pet

- In a formal document, provide a thorough description of your pets by name, including additional identifying details such as type, breed, distinguishing features, identification methods, or microchip numbers. You may also categorize them collectively (e.g., "pets I own at the time of my death").

3. Trust Structure

- Familiarize yourself with your state’s statutory trust options for pets and understand any specific limitations surrounding pet trusts.

4. Select Trustees

- Choose a reliable individual or entity as the primary trustee of the pet trust and designate a capable successor trustee.

5. Choose Caregivers

- Appoint a trusted individual as the primary pet caretaker within the pet trust. This person can also fulfill the role of trustee if you prefer. Additionally, select a secondary pet caretaker.

6. Calculate Care Costs

- Estimate a reasonable amount for your pet's ongoing care, taking into account daily, monthly, and yearly expenses, and specify this amount in the pet trust.

7. Fund the Trust

- Ensure the trust is adequately funded with the necessary assets to cover your pet's care. You can arrange for funding through your will, a transfer from another trust, a life insurance policy, or another reliable source.

8. Include Licenses and Registrations

- Incorporate any relevant licenses, certifications, or registrations pertinent to your pet within the pet care instructions of your trust.

9. Specify Care Instructions

- Clearly outline any specific pet care instructions to be included in the pet trust, including preferences for final burial or cremation.

10. Distribution of Funds

- Define the conditions under which the trustee may distribute funds to the pet caretaker.

11. Compensation

- Specify whether the trustee is entitled to receive compensation (your attorney can clarify your state statute on trustee fees, if applicable).

- Indicate any compensation that the designated pet caretaker may receive for caring for the pets.

12. Remainderman Designation

- Designate a person or charity to receive any remaining funds upon the termination of the pet trust, ensuring a clear plan for the disposal of assets.