National Pet Day is just around the corner, and to celebrate, I sat down with Trust & Will CEO Cody Barbo to talk about all things pets and estate planning.
Barbo is a husband as well as father to two children, but technically three if you count the family dog, Scooter.
“He’s basically our first kid,” says Barbo about Scooter, an 85 pound Bernadoodle. “He’s part of our family.”
Our pets are more than just animals—they’re family. As pet owners, we ensure they have the best food, care, and love throughout their lives. But what happens if we’re no longer there to take care of them? This National Pet Day, it’s time to think about estate planning for pets and how you can secure their future.
Why Estate Planning for Pets Matters
While any animal lover will enthusiastically agree that pets are members of the family, it’s important to know that in the eyes of the law, they’re treated differently.
There are only a handful of states that consider dogs, for example, members of the family (New York, Alaska, California, Illinois, Maine, and New Hampshire.) However, in the majority of states, pets are treated as personal property.
While pets rely on us for their well-being, just as any other family member would, we need to put a legal plan in place to make sure their futures are certain.
Many well-meaning pet owners assume that a family member or friend will step in to care for their pet, but without clear instructions and financial provisions, pets can end up in shelters or with inadequate care.
The Power of Estate Planning for Pets
Thanks to modern estate planning platforms like Trust & Will, providing for pets in estate plans is increasingly common. According to a previous study, 93 percent of Trust & Will members have appointed someone to take care of the pet if something were to happen.
Some examples of pet-centric estate planning strategies include naming a guardian for your pet, outlining wishes regarding their care, and setting aside funds to cover their costs.
You can see a comprehensive list of pet arrangement examples we’ve seen from our members here.
What Is a Pet Trust?
Barbo also made a point to bring up the concept of a pet trust.
A pet trust is a legally binding arrangement that ensures your pet receives care if something happens to you. Unlike informal verbal agreements, a pet trust provides specific instructions and funds to guarantee your pet’s needs are met.
“You wouldn’t just assume someone knows how to care for your child without a plan in place,” says Barbo. “Why should it be any different for your pet?”
Key Elements of a Pet Trust:
Pet Guardian: The person you designate to care for your pet.
Trustee: Manages the funds set aside for your pet’s care.
Funds for Care: Money allocated to cover food, medical expenses, and other needs.
Care Instructions: Details like dietary preferences, favorite activities, and medical needs.
We have plenty of examples of celebrity pet trusts in our in-depth pet trust guide here.
Pet Trust Sample: What It Can Include
A well-structured pet trust can look something like this:
I, [Your Name], establish this pet trust to provide care for my pet, [Pet’s Name], a [Pet’s Breed/Type]. I designate [Guardian’s Name] as the primary caregiver and [Trustee’s Name] as the trustee to oversee the funds designated for my pet’s care. The sum of [$Amount] will be used to cover food, veterinary expenses, and other necessities for the duration of my pet’s life. Additional care instructions include [specific details about care, daily routine, and medical needs].
This sample outlines a basic framework, but you can customize your pet trust to ensure all aspects of your pet’s well-being are covered.
How to Get Started
While you may not go to such great lengths as setting up a trust for Fido, the point Barbo wanted to make is that you can get really creative with your estate plan to ensure your loved ones are taken care of. Trust & Will doesn’t discriminate, whether your definition of “loved one” stands on two legs or four, or has feathers or scales.
“I have a plan for Scooter,” Barbo shares about his own dog. “If something happens to me, he goes to my mom and dad first, then my stepmom, then my brother. They all love him and would take great care of him.”
This National Pet Day, take a moment to celebrate your pet and their unwavering loyalty. More importantly, take action to protect their future. A little planning now can make a lifetime of difference for your beloved companion.
At Trust & Will, we’re here to help keep things simple. You can create a fully customizable, state-specific estate plan from the comfort of your own home. Take our free quiz to see where you should get started, or compare our different estate planning and settlement options today!
Is there a question here we didn’t answer? Browse more topics in our learn center, visit our Frequently Asked Questions (FAQ) page, or chat with our member support!
While Trust & Will doesn't currently offer Pet Trusts as a stand alone product, you can appoint a guardian for your pet in both our Will and Trust Plans.
Trust & Will is an online service providing legal forms and information. We are not a law firm and we do not provide legal advice.
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