UC Davis Veterinarian School Offers Estate Planning Option For Pets
Pet owners can now guarantee that their animal loved ones will always be cared for. The UC Davis School of Veterinary Medicine now offers a program, known as Tender Loving Care (TLC), that arranges pet adoptions, pet care monitoring, and a lifetime of veterinary services, including regular checkups and more intensive care. There is a $1,000 enrollment fee and a contribution of $30,000 for the lifetime care of one’s pet, including placement in a good home. The contribution for horses is $50,000.
Studies show that more than half of pet owners think of pets as members of the family, and up to 27% of individuals, when planning their estates, take their pets into consideration. Creating a pet trust, where a person entrusts a family member, organization, or friend to take care of the pet, and also leaves money in the animal’s name for the pet’s care, is becoming more common. Pets can even be left in the care of a few non-profit groups through bequests. Many people are also including their pets in their wills.
Estateplanningforpets.org says there are a number of steps a person may want to take when planning for the lifetime care of their pets, including:
1)Selecting a Caretaker
· Communicate your expectations and any special needs of the pet to the potential caretaker.
· Introduce the potential caretaker to you pet and allow them to spend a reasonable amount of time together.
· Decide and discuss with the potential caretaker whether or not, and to what extent, there will be reimbursement of expenses or other compensation.
· Ask whether the potential caretaker would like to serve.
· Take the necessary steps to make your pet and any necessary information or documents accessible to the caretaker.
2)Compiling Information About Your Pet
Compiling the information for your designated caretaker or any other person who might have to take care of the pet is absolutely necessary. This step should involve consideration of both the short-term and long-term care of your pet, including:
· Pet identification information.
· Veterinarian information and pet medical records.
· Legal documents stating your estate planning wishes for your pet.
3)Preparing Your Pet's Information and Pertinent Legal Documents
In the event that an emergency arises and your pet’s caretaker needs to assume his or her responsibilities immediately, it is a good idea to make your pet’s information and legal documents available and easily accessible
4)Providing Caretaking Funds
Depending on the circumstances, you may very well want to set aside an amount of caretaking funds necessary to cover expenses for your pet. In estimating the total amount needed, you should consider the amounts you already spend on food, medications, veterinary care, toys, recreation, entertainment, grooming, supplies, cages, boarding, pet-sitting, compensation for the caretaker (beyond reimbursement), and the amount necessary to respectfully dispose of the pet upon its death. In making a budget, you should also consider the life expectancy of the pet.
Sagaria Law, P.C. helps clients in Monterey County, Alameda County, and Santa Clara County with their estate planning matters, including the making of wills, trusts, guardianships, and conservatorships. Contact Sagaria Law, P.C. today for a free consultation.
In case your dog or cat outlives you: Estate planning for pets, Chicago Tribune.com, November 24, 2006
Tender Loving Care, Vetmed.ucdavis.edu
Estate Planning for Pets, estateplanningforpets.org
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