In 2023, most families in the US have a pet. A survey found that many dog owners plan to spend money on their pets, with some spending a lot each year. Sometimes, unexpected vet bills can add up. People worry about what will happen to their pets if something happens to them.
Here are some ways to make sure there’s enough money to take care of your furry friend:
Make a Budget
Figure out how much it costs to take care of your pet each week, month, and year. Knowing this information will help you know how much money you need.
Give a Lump Sum
You can give a one-time amount of money to the person you choose to take care of your pet if something happens to you. This is simple, but you have to trust that the person will use the money for your pet.
Pet Trust with Caretaker as Trustee
This is a bit more complicated. You set aside money in a trust just for your pet. The person taking care of your pet also manages the money. But, there are some rules they have to follow.
Pet Trust with Separate People
This option is the safest for your pet’s money. The trust has the money, but the person taking care of your pet needs to work with another person (trustee) to use the money. This way, someone else checks that the money is used correctly.
Conclusion
Remember to update the plan every year to make sure everything is still okay. If you already have a plan, check it yearly for any changes. We can help you create the right legal papers to take care of your pet.
Further more, we can also provide tools that will assist you in planning. If you want more information or help, give us a call.
