Not everyone cares for their dogs the same way I do. I also recognize that people love their other pets as much as I love my dogs. My wife and oldest child are allergic to cats, so we don’t have cats, but we have had different pets through the years. A fish, a toad, and a hermit crab have all had brief stays at our house. I recognize that all pets are important to plan for in your estate plan. You need to pick who will care for your pets, how you may provide for the pets, and the level to which you want to provide for their care. I have dogs, so I will mostly discuss dogs in this blog. When I talk about dogs in this post, everything I say is applicable to all pets and estate planning.
As with anything else in estate planning, you can be as complicated, or as simple as you want in providing for your pet. You can leave your pet to a family member, and leave the family member money to care for the pet, or you can even go so far as to set up a pet trust. The first major decision you need to make is who will take the pet - how much money to leave to care for the pet comes after that.
How I Personally Set Up My Will for My Dogs and Children, and How to Decide Who Should Take Your Pet When You Die
I know the person who will take my kids will also be willing to take my dogs, but that isn’t always the case. My father-in-law is less fond of dogs than I am, and views them more of a nuisance than anything else. I certainly do not want my dogs to go to my father-in-law, so I have designated who should receive the dogs by name in my will. You can do the same in your own will.
How Can I Provide Moneys to Care for My Dog When I Die?
If you are concerned the money would be used for an improper purpose, you can set up a pet trust to preserve money to care for the dog. I have written about pet trust in a different blog that you can find here. Basically, you can set aside money to care for the pet. A pet trust can last for 21 years, or the life of the animal, whichever is shorter, under Colorado law. I have some clients who adopt stray dogs and keep them on their 40 acres of land. They want to care for the 40+ dogs they have after they are gone, so they established a pet trust to care for the dogs.
Who Should Take My Dog When I Die?
Avoid Misunderstandings About Your Pets, Put It In Your Estate Plan
Don’t let a misunderstanding happen to you! Clearly state who should get your dog (or other pet) in your will. You can leave the person caring for your pet money, or you can set up a pet trust, but no matter what you do, don’t forget to account for one of your most precious assets - your pet - in your will!