Today is national kitten day, the ‘purrfect’ time to talk about making provisions for your pet.
How to make sure your pet is protected:
Choose a caretaker: If something were to happen to you, who would take care of your pet? Choose a guardian you trust, and make sure they are willing and able to accept the responsibility. Some people live in residences that do not allow pets, or have allergies that would preclude them from caring for your pet. Have an alternate lined up, in case your designated caregiver is unable to provide care.
Formalize the arrangement: Generally, it’s not a good idea to dictate the care of your pet in your will. Instead, consider creating a Pet Trust, a formal and legally binding agreement similar to other types of trusts. Make sure you include important information about your pet’s care and, if you have more than one pet and you want to keep them together, include that provision.
Allocate funds for their care: While you don’t have to leave $12 million, as Leona Helmsley left for her Maltese named Trouble, you do want to provide a reasonable amount of money for your guardian to use for your pet’s care. And make sure you specify what happens to any funds remaining after the pet has been cared for to avoid court involvement. Some owners choose a pet-related charity but whatever your decision, make it legal.
Because your pet is part of your family, make sure your ‘fur baby’ is protected if something were to happen to you.