After You’re Gone, Your Cat can Still Live the Good Life: Pet Funds in Wills and Estate Planning

In a previous blog, I discussed several ways to make sure your pets are looked after in your will. In many cases, a will does not specifically discuss what happens to pets. Oftentimes, wills simply state that any pets owned at the time of death are to be given to a trusted friend or family member and do not make any further provision.

Some clients, however, want to set aside money for the care and maintenance of their pets after their death.

With a pet fund, the executor and trustee of the will generally holds and invests the money and then distributes it to the pet’s new caregiver. Payments can be made at the executor and trustee’s discretion based on the pet’s needs or on a fixed schedule.

The will can also provide instructions regarding what happens to any remaining money in the pet fund after the last surviving pet dies.

A carefully drafted pet fund can help ensure that your pets continue to receive the level of care you desire, even after you are gone.

A pet fund is not appropriate in every situation. Further, the legal, accounting, investment, and administrative costs associated with maintaining the fund for the lifetime of the pets may outweigh the benefits to the pets, particularly where only a modest amount of money is involved.

Nevertheless, for some pet owners, the added structure and peace of mind are worthwhile.

If you would like to discuss providing for your pets in your will, please contact me using the form on this website.