How to Care for Your Pet After You’re Gone

How to Care for Your Pet After You’re Gone

A Pet Trust? Your Will? How to Care for Your Pet After You’re Gone

By Wendy Berkowitz — May 5, 2020

As much as we may view our pets like family, legally, they’re considered property. That means you can’t leave any money directly to your pet—though it’s not like Fido would know exactly how to spend it, anyway.

So, how do you make sure your pets are provided for after you’re gone? We spoke to David Roer, CPA, MST and Partner at Raich, Ende, & Malter, Co. to get the lowdown. 

“The first step in the process is to identify an individual you would want to care for your pet. Then, be sure to communicate with them to make sure they’re on board,” he says.

From there, you have a few options: an informal agreement, a clause in your will or a trust.

The most ideal path is to formalize things in your will or with a trust, “to make sure everything is legally documented and communicated,” Roer says.

An Informal Agreement

Though an informal agreement may seem like the easiest route, it doesn’t guarantee anything. You can ask a close friend or relative to take care of your pet after you're gone, but this kind of agreement likely won’t be legally binding. Plus, if there’s someone else out there who loves your four-legged (or non-legged) friend and wants to look after them, things could get complicated.

To make sure there are no questions of ownership—and to ensure your pet goes to a good home—it’s more ideal to formalize things in your will, or by setting up a trust.

If you do decide to enter into an informal agreement with a friend or loved one, you may still want to consider leaving them a bit of money to help cover pet-related expenses.

A Clause in Your Will

Though the specifics vary by state, in most places, you can formalize your agreement via a clause in your last will and testament. “This clause would contain clear verbiage indicating who you’re bequeathing your pet to,” Roer explains.

To continue reading, please go to the original article here:

https://meetfabric.com/blog/a-pet-trust-your-will-how-to-care-for-your-pet-after-youre-gone