For Your Pets
People often laugh at the idea of including pets in estate plans, but for those who view pets as family members and know the financial burden food and veterinarian visits cost over time, including a provision for pets is a simple part of the process.
Pets cannot be named as beneficiaries. Instead, a trust can hold an amount aside for the care and maintenance of the pets. For example, the grantor can state $10,000 shall be set aside for any of the grantor's pets.
After the grantor passes, the caretaker of the pets provides receipts to the successor trustee for reimbursement of food and vet bills.
To Set Aside For Your Pets
To calculate how much to set aside, determine how much is spent annually on your pets and calculate the lifespan of any pets. Remember, if the trust is revocable you can always amend trust later to adjust for new pets.
When the last pet passes, the grantor's instructions in the trust state what happens to any remaining money left set aside for the pets, such as being distributed according with the rest of the estate or any amount remaining is donated to an animal shelter.
