A recent article in the Wallstreet Journal Blog Section covered the possibilities to plan for the future of a pet that outlives its owner (see here).
If you'd like to ensure that your pet receives the proper care after you die you should follow these important steps:
- Appoint a "Pet Guardian" and leave instructions for the caregiver (This is simply a non-enforceable nomination of a trusted person, that you believe will take loving care of your pet). You can use your will or any other document for this.
- Make sure the financial needs of your pets a covered. A already existing living trust may be used for that purpose but need to be adjusted to set aside the necessary funds for your pet. In average a dog costs $1,400 pa and a cat $1,000 pa. Depending on the age of your pet, the trust might require funding for up to 20 years pet care. You should also implement a clause into your trust that governs the use of the pet funds for the case that not all funded money is used. Such a clause should name an alternative beneficiary.
- Make sure that the appropriate legal instruments are also implemented for the case that you become incapacitated. You should draft your durable power of attorney in a way that enables your agent to financially cover the needs of your pet. The agent does not necessarily have to be the nominated caregiver.
If you'd like to learn more about living trusts, which can be used to cover the financial needs of your pet, you will find further information on Rinne Legal's website (see here).
If you would like assistance with the modification of your estate plan, please contact our office at 1-800-303-2964. I am located at 1990 North California Blvd., Walnut Creek, California 94596. I have additional offices in Fairfield, Oakland, and Sacramento. I offer free initial consultations. For further reference see my website (www.rinnelaw.com).
