Incapacity Planning for Pets: Protecting Your Furry Friend’s Future
Many people have estate plans that specify who will inherit their assets after they pass away. However, fewer individuals consider incapacity planning for pets. Including pets in your estate plan is essential to ensure their care and well-being in all scenarios.
Why Include Pets in Your Estate Plan?
- Unexpected Circumstances: Even if you already have a plan for your pet after your death, it’s essential to address what happens if you become incapacitated. Without a clear plan, your pet could end up in a shelter or face serious risks if no one is designated to provide temporary care.
- Legal Status: Pets are considered property under the law, which can make estate planning challenging. However, the law is evolving, and many states now recognize pet trusts to provide for pets’ well-being, reflecting the growing acknowledgment of animals as living beings with rights.
Pet ownership in the U.S. is among the highest in the world and has increased over the past few decades. A 2023 Gallup poll shows that 62% of Americans own a pet, and more than one-third (35%) have multiple pets. Nearly all U.S. pet owners (97%) say their pets are part of their family, with over half considering them as much a family member as a human. This deep connection underscores the importance of incapacity planning for pets.
Estate Planning Documents for Pets
- Pet Trusts:
A pet trust ensures your pet receives proper care if you pass away or become incapacitated. Every state allows pet trusts, letting you outline exactly how your pet should be cared for, who will be the caretaker, and how funds will be managed. You can include detailed instructions covering everything from feeding and medical care to burial or cremation.
- Wills:
While you can name a pet guardian in your will, this approach has limitations. The pet guardian may decline the responsibility, and a will only takes effect upon death, not during incapacity. Relying solely on a will may leave your pet without immediate care if you are incapacitated.
- Power of Attorney for Pet Care:
A power of attorney can designate someone to make pet care decisions on your behalf if you become incapacitated. This document can grant broad or specific authority regarding your pet’s care and can include instructions for finding a new home.
Best Practices for Pet Estate Planning
- Designate Multiple Caretakers: Identify several potential caretakers in case your primary choice is unable to fulfill the role.
- Discuss Care Needs: Provide detailed instructions to caretakers about your pet’s needs, including feeding schedules, medical care, and emergency contacts.
- Formalize Your Plan: Include your pet’s care in formal legal documents rather than relying on informal agreements.
What’s Next?
Pets are beloved members of the family, and making sure they are protected in the event of incapacity or death is essential for any estate plan. Don’t wait to secure your pet’s future—Contact Williams Starbuck today.