Estate Planning for Your Pet

Miller and Law, P.C.
5 days ago
2 min read

Introduction

While most people believe that estate planning is intended to benefit their family members and/or other beneficiaries, Colorado law also provides you with the opportunity to ensure that your cats, dogs, horses, bird and other pets are taken care of in the event you can no longer do so.

As a pet is considered to be personal property in the eyes of the law, you cannot leave money outright to them. However, establishing a pet trust under the Colorado Pet Trusts Act for your pet will allow for you to provide for the maintenance, care and well-being of your pet or pets after your death, disability or incapacity.

The assets contributed into the Pet Trust, which can be established prior to your death or created under your will, will be utilized to pay for your pet’s care and expenses, subject to the terms and conditions of the governing instrument.

What does a Estate Planning for Your Pet Include?

As with most trusts, a Pet Trust would generally include the following:

1. Information regarding the pet or pets the Pet Trust is intended to benefit.

2. The name of the trustee, and any successor trustees, who would be responsible for managing the Pet Trust and its assets and ensure that your wishes and instructions are being followed.

3. Information on the people who you wish to care for your pet after your passing.

4. Specific instructions for the care of your pet, including instructions regarding living arrangements, health care and other instructions you wish to provide.

5. A description of the assets to fund the Pet Trust and the care of your pet. Such assets can include, but are not limited to, cash, real property and investment accounts.

6. Specific instructions on what is to happen with the assets of the Pet Trust once your pet passes away and the Pet Trust no longer serves its intended purpose.

Conclusion

In conclusion, estate planning isn't just for the benefit of human heirs—it can also ensure the long-term care and well-being of your beloved pets. By creating a Pet Trust under the Colorado Pet Trusts Act, you can designate caregivers, provide detailed care instructions, and allocate assets to support your pet after you're no longer able to do so. This thoughtful planning not only protects your pets but also gives you peace of mind knowing they will continue to receive the love and care they deserve. Creating a Pet Trust can provide you with assurance that your favorite companions are being taken care of when you are unable to do so.

*This article is intended for informational purposes only and should not be construed as legal advice. Individuals involved should consult with legal professionals for specific guidance tailored to their circumstances.

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