Most people do estate planning to take care of their loved ones in the event they become disabled or die. To many people, pets are like children. Just as there is almost no one perfect to take care of your children should something happen to us, the same goes for our pets.
In many cases, when someone moves into a nursing home or dies pets are euthanized. This can happen when the pet owner is no longer able to care for the pet and the pet is left behind without a plan.
Consider who will take care of your pet. The best way to accomplish this is to have a Limited Durable Power of Attorney, a Will, and even a Revocable Living Trust.
In addition to designating a primary caregiver for your pet, you should pick a back-up in case the first person you chose is unavailable or declines to take responsibility for the pet.
In the event you are in an accident, it is a good idea to have a Limited Durable Power of Attorney designating someone you trust to be the pet’s caregiver. Also chose a back-up.
Consider how much you should allocate for your pet’s care. The things to consider in deciding how much to put into a Trust really depend on the pet’s age, health, needs, size and type of species. For example, a parrot can live for a long time.
One of the best ways to make sure your pet is taken care of, is to fund a Revocable Living Trust. When you die, the Will or Estate can take some time to be administered. With a Trust, the benefit is that it is effective immediately.
Not all attorneys are competent and capable in the area of Estate planning. Make sure you chose someone that knows what they are doing and has experience in the area of Estate planning.