All My Children Wear Furs
If you count a furry loved one among your family members it is important to provide for his or her care after your death. You can create a pet plan by naming someone to take your pet in after you have gone and by leaving funds for your pet’s medical care and daily needs.
Name a Guardian
If you have a verbal agreement with a family member, friend or neighbor as to the care of your pet after you pass away, why not make it a written agreement. Like naming a Guardian for your children, naming someone to care for your pet can provide you with peace of mind.
If you do not choose a pet caregiver via your Last Will and Testament or Revocable Living Trust, your furry friend may not have the fate you desire. There may be a battle among family member’s to take your pet in, or no one may be willing to take custody and your animal could end up in a shelter.
Leave Funds for Pet’s Care
Your pet’s nutritional and medical needs will continue after you have passed away. What if your chosen caregiver does not have the financial means to care for your pet, or what if you simply want to provide exceptional care above the standard?
You can make sure your pet is financially cared for after your death by leaving a Pet Trust. This is an Irrevocable Trust that allows you to name a Trustee to distribute funds for your pet’s needs. You can name a different Trustee than your chosen Guardian if you feel your Guardian could not handle the financial responsibility. A Trust may also be useful if your Guardian receives government aid that would be affected by an inheritance for pet care. Mississippi is one of a minority of states that does not specifically provide for pet trust by statute. However, there are alternative ways to address your pets’ needs through your estate plan to ensure that sufficient funds are available to care for your pet.
If a Pet Trust seems unnecessary for your needs, you can also leave a direct inheritance to your chosen Guardian for your pet’s care. Another option is to leave a lump sum of money to your Veterinarian for your pet’s future medical care. This option would require your caregiver to cover additional costs out-of-pocket when funds run out.
