Should You Have Provisions For Your Pet In Your Estate Plan?

April 06, 2018

The idea of including your pet in your estate plan may sound odd or eccentric – like something a Hollywood diva would do – but it has started to become a more mainstream idea. I wrote recently about our beloved dog Nick and how we were wrestling with whether or not it was time to let him go with dignity.

Sadly, the time has come where the humane thing to do is to let him go and end his suffering. I was grieving with a friend when he pointed out that’s the unfortunate thing about pets: you have to live through the pain of them passing away before we do.

That got me thinking.

What happens to your pets when you’re the first to go?

What about those times where it isn’t true? How do you handle a pet when you pass away before they do? Is there a legal way to plan for this?

The simple answer is yes – there are several options for how you can make sure that your furry family member is loved and cared for after you are gone. But it does take some planning ahead. Here are three ways you can make sure your furbabies are cared for in case something happens to you.

1. Have a written agreement with a friend or family member who loves your animal

This is the easiest and least expensive option – you can can do this yourself at home.

Things to know:

• Draw up a letter or document specifying who should care for your pet in the event you’re unable to.
• Have it notarized if you choose.
• Provide a copy to the pet’s new “guardian.”
• Keep a copy at at home and another copy with your Will and other estate planning documents.

Other important considerations:

The benefit is that this is obviously cheap and easy. The down sides are that there is no succession plan if something changes with your chosen guardian, and it may be awkward to change if you change your mind later. There is also a very real chance that your agreement would not stand up to a legal dispute.

2. Include instructions for your pet/future pets in your Will

This can be done at little to no extra expense if you are already going to create or update your Will.

Things to know:

• If this requires a change to your plan, then there will be some kind of legal fees involved.
• As always, check and see if your employer offers a free will through an Employee Assistance Program (EAP) or an optional pre-paid legal benefit to help reduce costs.
• By using your will, you have the ability to name a guardian and successor guardian for your pet, just like you would your minor children.
• You can even leave them extra money to care for the pet or have your will create a fund that can only be used for the pet.

Other important considerations:

This is a much more comprehensive approach than the first, but it can cost some legal fees to set up. If you use this approach, do be sure to notify the guardian that you’ve named and the executor of your will of this provision. Often the will isn’t read or filed for a few days or even weeks and your companion animals will need immediate care after your passing.

One of my colleagues worked with a Will that had provisions for the pet but because no one knew about it, the cat changed hands a few times and ended up with someone who didn’t want the cat… just the money that was provided for the cat’s care.

3. Establish a Pet Protection Agreement

This is a separate document from your Will — essentially it is a Trust established just for the care and maintenance of your pets.

Things to know:

• A Pet Protection Agreements (PPA) allows you to name everything that you can think of, including:
  • Who cares for your pet(s) now and in the future
  • Whether any money is left for their care
  • What type of end of life care you do or do not want your pets to have
  • Even what happens to any money left over from caring for your pet
• Most states (but not all) recognize PPAs as official estate planning documents
• They can be distributed in advance so people know who has authority to take in your animals
• The best news is that they don’t have to be expensive!

Other important considerations:

You can have your attorney draft this if you are already doing your other documents but there are also sites online such as LegalZoom and PetTrustLawyer that can help you create your own PPA for roughly $20 – $50. If you do create your own PPA and leave money as part of it, be sure that you either have the cash to fund it now or you at least create a provision in your Will or Revocable Trust to provide the actual cash to fund it.

Making it to the Rainbow Bridge first

Sadly, no amount of planning will bring back the cherished pets that have passed before us, but you can take some pretty simple steps today to give you peace of mind that any pets who outlive you will be treated with the same love, care and respect as if you were still with them.