Sixty-six percent of Americans are pet owners, the vast majority of whom consider their pets to be family. In fact, many younger couples are choosing pet ownership over having children, giving rise to the trendy acronym "DINKWAD," for "dual income, no kids, with a dog." Because humans typically outlive their canine or feline companions, providing for pets in an estate plan is not top of mind for many pet owners. But for those who genuinely feel their pet to be as important as a human family member, estate planning can provide peace of mind that Fido will be well cared for should he outlive his human parent.

 

Pet owners can use a trust to set aside a portion of their estate to fund the continued care of their beloved animal. This can greatly alleviate the financial burden on whomever takes over the care of a decedent's pets, especially when the average dog owner spends more than $2,500 per year on pet care expenses - not including unexpected medical bills for serious illness or injuries. A pet trust can also include detailed instructions on how the pet should be cared for, such as how often the pet should be groomed, whether it should regularly attend a doggy daycare for socialization, or what kind of food it should be fed. A pet trust may continue for as long as the pets for whose benefit it was formed are alive. Once the trust terminates, any remaining funds can be distributed to another designated beneficiary, such as a charity or the pet owner's family. 

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If you are interested in including a pet trust in your estate plan, call today to schedule a consultation.

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