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How to Make Sure Your Pet Is Cared for When You Die

- Getty Images—iStockphoto
Getty Images—iStockphoto

For most pet lovers, your critters aren't just property. They are best friends, companions, and family members, so why treat them as anything less? Just as you would make provisions in your will and establish trusts for the humans you love, so too should you for your animals. Failure to think ahead about what will happen if you're not there to provide care means that, sadly, many pets end up in bad situations.

"People have a psychological block against doing estate planning since it isn't a pleasant topic. This means when owners pass away, a lot of animals end up in shelters, and depending on where you live that could be a death sentence," says estate planning attorney Tracy Craig, a partner with Massachusetts firm Mirick O'Connell. "But that doesn't have to be the case if you do some planning."

Here's some advice for getting started.

1. Make Your Wishes Known. The most important thing you can do is document that you've planned ahead for your pet's needs. You can do this in a variety of ways:

No matter which option you go with, discuss your plans well ahead of time with the friend or relative you've designated to be certain the person really wants the job. To be safe, name backup caretakers in case your first choice becomes unable or unwilling to take on the role, and a sanctuary or no-kill shelter as your last choice.

2. Decide How Much Control You Want. If you have 100% confidence that your beneficiary will love your pet the way you do, then a trust shouldn't be necessary. (Just know that there will be no recourse if Steve takes the $3,000 to care for your dog and then later decides to abandon Rover.) But if you want to continue to call the shots after you're gone, then a detailed trust is the way to go.

You can include explicit instructions regarding everything from food and toys to medical care and the disposition of the pet's remains. Explore Money's Best Pet Insurance Companies list to update or buy pet insurance policy and make sure the details are included in your instructions. Even odd requests, like those made by singer Dusty Springfield to have her cat be fed imported baby food and played her recordings every night at bedtime would have to be honored. The trust will also specify how much the caregiver gets paid, how the trustee will monitor the caregiver's services, and how the caregiver will document expenditures for reimbursement. Since the trust will own your pet, if the caretaker isn't meeting your standards, the trustee can assign care elsewhere.

Such a setup shouldn't be that expensive to execute. Estate planning attorney and Texas Tech University School of Law professor Gerry Beyer says a lawyer experienced in this area should charge only a couple hundred dollars to add a pet trust to an existing estate plan.

3. Fund Your Pet's Care. How much money you leave the caretaker or trust comes down to the type of animal, its typical life expectancy, and the standard of living you want to provide. For a trust, you'll also need to factor in any costs for the trustee's services. (Corporate or professional trustees will have much higher fees than what you might choose to dole out to a friend of family member.)

One good way to fund your pet trust is from a portion of your life insurance policy, Beyer suggests. "Name your kids or other loved ones as the beneficiaries for 90% of it and the pet trust for 10%."

Avoid transferring too large a sum of money or other property to your pet trust, as this can cause heirs to contest the trust, and a court could reduce the amount. (Just ask Leona Helmsley's dog Trouble.)

Even if you're not leaving your pet $12 million, it's a good idea to name a remainder beneficiary who will receive any property left in the trust after the animal dies. (Be wary of making this beneficiary the same person as the caregiver, as then he or she may have less incentive to keep the pet alive.) Beyer says many pet owners opt to give residual funds to a charitable organization, typically ones that benefit animals like their own.

Read next: The 10 Richest Pets of All Time

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