Many people expect that a family member or friend will care for their pet if something happens to them. While that would be an ideal situation, sometimes the owner has reasons to believe that will not be possible. For example:

• The pet is a parrot that is expected to outlive the owner by decades. Taking in a parrot is a big commitment that many people are not willing to do.

• The owner has multiple pets, such as 4 dogs. They don’t want the dogs to be separated, but it is difficult to find someone willing and able to care for them together.

• The owner has horses and no family or friends would have the ability to take them in given their space requirements and maintenance cost. (Horses are very expensive!)

• The person in mind to take care of the pet is on a very tight budget. Pet food and veterinary costs would further tighten their money situation.

Estate Planning For Your Pet

As with all estate planning, simply documenting your preferred wishes is an enormous help to your executor (the person who will be distributing your estate). In the absence of your written wishes, the executor will have to decide what to do with your pet, and it might not be what you would have wanted.

Informal Instructions

At the simplest level, send your executor the top 2 people that you would want to care for your pet after you are gone, in priority order. Notify the named caregivers to secure their approval. This is the best option for most of my clients. It is flexible and it takes very little time to modify the instructions if the pet dies or the named caregiver’s circumstances change.

Semi-Formal Instructions

More formality may be necessary if you have someone who you want to care for your pet, but they do not have the financial resources to take on the additional burden. You can document in your will that you want the named person to take care of your pet and that you are leaving them $X, in the hope that they use it towards caring for the pet. Since the pet is not a person, you cannot leave money to them - only the caregiver. With this arrangement, nobody is enforcing that the caregiver actually spends the money on the pet. Therefore, this would not be a good option for a spendthrift but for someone who you trust would use the funds appropriately.

Formal Instructions

A “Pet Trust” is a legal document. You set up the Trust and name a Trustee. The Trustee is required to ensure that your instructions are followed with regards to the care of your pet. If the caregiver uses the money designed for the pet on something else, they can be sued. This is the most expensive option because it requires a lawyer and provides more structure and accountability.

Organizations That Can Care For Your Pet After You Die

If you do not have a named caregiver, there are a variety of organizations that can work with you to provide care for your pet once you are gone.

The Stevenson Center

Part of Texas A&M University’s Veterinary School, The Stevenson Center lists their prices here, which will depend on the age of the youngest owner at time of enrollment.

The Gabriel Foundation

The Gabriel Foundation is specifically for birds. You can view their prices by pulling up their contract. For example, 1 large Amazon Macaw will cost $120 per month or $1,400 per year.

Peace of Mind Program

This program is run by Purdue University’s Veterinary School and it requires a minimum bequest of $25,000 per pet.

Perpetual Pet Care Program

This program is run by Kansas State University’s Veterinary School and it also requires a minimum bequest of $25,000 per pet.

Identify Gaps In Your Financial Plan

While it seems obvious that people need to have an estate plan to list how they want their assets split upon their death and who they want to care for their children, it may seem less obvious to consider what would happen to their pets if they died. Reach out with questions specific to your situation and let us know how we can help.

originally published 9/21/2020

Linda Rogers, CFP®, EA, MSBA is the owner and founder of Planning Within Reach, LLC (PWR). Originally from New Jersey, Linda services clients throughout San Diego county and nationwide. She leads the design of PWR's investment portfolios which utilize broad, low-cost investments that integrate environmentally, socially, and governance (ESG) factors.

Planning Within Reach, LLC (PWR) is a fee-only and fiduciary wealth management firm offering one-time comprehensive financial planning, ongoing impact-focused investment management and tax preparation services in San Diego and nationwide. PWR is a woman-owned firm that specializes in busy professionals and impact investors. Planning Within Reach, LLC and their advisors do not receive commissions and do not hold any insurance licenses or brokerage relationships.