If you have already written your will, you most likely remembered to leave something for your children and grandchildren. But what about your pet? Many people overlook their four-legged buddies when estate planning. After all, it seems excessive to leave cash to a dog. However, leaving money for your furry friend does not mean you are enabling Fifi to go on a gold collar shopping spree.
Your precious pooch will need care after you are gone, which costs money and requires a special human.
Consider annual costs
When deciding how much you should leave your animal, calculate the annual cost of their care. Tabulate enough to cover food, treats, toys, veterinary care and grooming. Do not forget emergency treatment. According to CNBC, the average cost of an emergency veterinary visit can range from $800 to $1500, and many families cannot afford these surprise expenses. Try to leave more than enough money to cover everything your beloved sidekick might need.
Ask a trusted friend or family member to assume responsibility
Not everyone can take in a pet. Dogs, cats, birds, rodents, reptiles and fish are a huge responsibility. Certain living situations, like apartments, will not allow animals. Some creatures, like parrots, can live for generations, which is a lot to ask of someone. Discuss your plan openly with your family members before adding them as your pet guardian to ensure they are on board.
Making a plan for your pet will allow you to enjoy your time with them. You can relax knowing someone else will love your companion after you are gone.