Estate Planning for Pet Owners

Following up on last week's column, where and how it can provide your family peace of mind upon your death. But what happens when you are a pet owner and you leave a beloved pet behind? Or, at some point in your life, you become disabled, and the disability precludes you from being able to properly take care of your pet? Have you planned for such an event? If not, you may be leaving your pet exposed to a host of potentially unsafe-and even fatal-situations.

One way to ensure that your pet will be well cared for is through a legal provision called a pet trust. Pet trusts are not valid in all states, but they are valid in Washington State.  If you want to add another layer of protection, you may wish to consider consulting with an estate planning attorney so that your pet trust is enforceable.

In order to execute a pet trust, you will need to consider who the trustee will be-the person who will make payments for the benefit of the pet-and who will provide for the day-to-day care of the pet. If you wish to make adequate provisions for your pet, you will need to include — among other considerations — the financial means for the following: regular veterinary care their nutritional needs; expenses to administer the pet trust; and the means for the pet's burial arrangements.

Pets can be a great source of joy, and even comfort, for their owners. In fact, many owners consider their pets to be a part of their family. Wouldn't you want the peace of mind that your furry-or not so furry-family member will be well-cared for, even if something happened to you?