Can You Leave Money To An Animal?
You cannot leave money to an animal in your will, but you can set up a trust to ensure they are taken care of after your death. The reason you can't leave them money is because they are considered property, and you can't leave property to other property. The good news is that the trust option allows you to make plans for your pet in which you can specify exactly how they are to be cared for.
Basics Of A Pet Trust
In order to set up a trust for your pet, you'll need to:
- Specify a dollar amount to be set aside for their care
- Write specific instructions for their care
- Choose a caretaker who will take custody of the pets upon your death
To figure out how much to leave in the trust, you'll need to estimate how much their annual care costs and multiply by the number of years they are likely to live. It's better to overestimate here as you can also specify where any leftover money goes upon the pets' deaths.
When it comes to writing instructions, you'll want to be specific to ensure your pets get the same type of care you're giving him now. This should include what type of food they get, how far to go with medical interventions, types of play and exercise they should get, etc…
The most important decision is your choice of caretaker. This is the person the pets will live with, and they will access the money in the trust for the pet's care. Choose someone you know you can trust and depend on to be kind to your pets for the rest of their lives.
While you can't make your pets rich by leaving them your money, you can at least ensure they are cared for in the manner you'd like.
How Can We Help?
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