For many Canadians, pets are more than just companions—they're family. Despite this, how many have made arrangements for them in their estate plans? Without a plan in place, your pets could be left vulnerable if something were to happen to you. Here are some key things to consider when including pets in your estate plan.
1. Who Will Care for Your Pet?
One of the most important decisions is choosing who will take care of your pet if they outlive you. It’s important to select someone you trust who is willing and able to provide long-term care. Make sure to have a conversation with them in advance, so they understand the responsibility and are prepared to step in if necessary.
2. Providing Financial Support for Your Pet's Care
Pets come with ongoing expenses—everything from food and vet visits to grooming. When planning, think about how you’ll cover these costs. You might decide to leave a lump sum to the person you’ve chosen to care for your pet, or you could establish a trust, which ensures that the money you set aside is distributed over time, specifically for your pet’s needs.
3. What Happens to Any Remaining Funds?
If your pet passes away before the funds you’ve allocated are used up, you’ll need to decide what happens to the leftover money. You can designate a charitable cause or someone else , even perhaps, the caregiver of the pet, to receive the remaining funds..
4. Confirming Commitment to Your Pet’s Future
It’s important to ensure that the person you’ve chosen to care for your pet is truly committed to the role. Formalizing this in your estate plan, with clear instructions , can give you peace of mind that your pet will be well cared for when the time comes.
Protect Your Pet's Future with Estate Stewards
At Estate Stewards, we understand how important pets can be to family members. We’re here to help you create an estate plan that includes thoughtful provisions for their care, ensuring they are looked after no matter what. If you're ready to start planning or have questions, contact us today. We’re here to guide you through the process and help secure a safe and happy future for your beloved pets.