Client Relationship Manager Maria Malloy, CFP®, shares how to ensure your treasured pet is cared for after you are gone.
Vision Capital Management Financial Advisor Portland Oregon
Vision Capital Management has been providing clients financial planning and investment management services since 1999. Visit our site to find out more.
Client Relationship Manager Maria Malloy, CFP®, shares how to ensure your treasured pet is cared for after you are gone.
Before his death, Chanel designer Karl Lagerfeld was accompanied everywhere by his beloved cat, Choupette. The beautiful snow-white feline was featured in product launches, had an Instagram account, and was the subject of two books. When Lagerfeld died in 2019, it was rumored that the cat had become one of the largest beneficiaries of his estate, estimated to be over $200 million.
Of course, you don’t need to be an ultra-wealthy fashion scion to care about the future of your pets. For many of us, our pets are more than animals – they are our family. But what happens to them if something happens to you?
Just like a human loved one, your pet depends on you. That’s why it is important to include them in your estate plan. Without clear direction, your pet’s future could be left to chance; but, with some foresight, you can ensure that they will continue to receive the love and care you want for them.
Here are a few suggestions of how you can protect your pet as part of your estate plan.
Designate someone you trust to care for your pet. Talk to them ahead of time to make sure they are willing and able to assume responsibility. When a person passes away, the authorities may have to default pet ownership to the next of kin, and if there haven’t been proper discussions prior, they may end up being rehomed. You may also want to consider a backup caregiver in the event that the first choice is unable to care for your pet.
Include information about your pet’s routines, medical needs, food preferences, and even personality quirks. If you have a trusted veterinarian, dog walker or pet sitter, be sure to include that information in your documentation as they may be able to provide perspective in your absence.
You can leave money or property to your chosen caregiver with instructions for their use in caring for your pet. Alternatively, you can set up a pet trust, a legally enforceable way to provide money for your pet’s ongoing care.
An estate planning attorney can help you structure everything legally and effectively. They will likely have experience counseling clients and can share ways in which clients have accomplished this aspect of their legacy plan. While trusts for pets are legally recognized in most states, there may be variations in how they will be structured and enforced.
Planning for your pet is about love, responsibility, and peace of mind. It’s one more way to make sure your legacy reflects your values, and the lives that matter most to you.