When this post comes out, my much-loved cat, Roger (who is also our Office Morale Leader!), will be sixteen years old. We’ve previously written about funding considerations for trusts. But what about pet trusts?
Let’s use Roger as an example. When Roger was a kitten, the costs related to his care were less expensive. Costs have increased considerably across the board in the last sixteen years. And now, Roger has kidney issues. He needs prescription food to combat this problem, and that’s much more expensive than buying food off the pet store’s shelf. Roger also has asthma and a heart murmur that need to be monitored. In the last few months, I’ve paid almost a thousand dollars for cat sitting and another thousand dollars for his annual senior cat veterinary exam. These are all expenses that either weren’t “a thing” when Roger was younger or have increased significantly due to inflation and other factors.
Many people fail to consider some key factors when considering how much money to leave in their estate plan to fund a pet trust or their pet distribution provisions. How long is their pet expected to live? And suppose their pet lives even longer? How much will costs increase during this period? And what type of increased care will their pet need with age?
We’ve previously blogged about the need to periodically review and update your Will. As part of that process, the funding provisions for a pet trust or a pet distribution provision should be carefully scrutinized. No one wants someone to take care of their pet and be on the hook for extensive costs related to veterinary and other care. Without a crystal ball, these matters are hard to predict. However, it’s generally better to slightly overfund the pet provisions than to underfund them. So, when it comes time to update your estate planning documents, please consider your pet! You want to keep up with the times and ensure there’s enough money to provide security when the time comes.
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