Originally published at Legacy Planning & Probate by Kim Raemdonck.
Many of us consider our pets to be a part of our families, but what many may not realize is that we can plan for our beloved animals in our estate planning documents. Have you thought about who you would want to care for your pets in the event of your death? Should you leave their caretakers a certain amount of money to cover expenses? If you have multiple pets, would you want them all to go to the same loving home? All of these issues (and more) can be addressed in your documents.
Furthermore, much like one can create a trust to benefit his or her loved ones, Colorado law allows us to create what are colloquially known as “pet trusts.” A pet trust can be used to guarantee that your animal companions would be cared for – emotionally and financially – in the event of your death or disability. Setting up this type of trust can ensure that your pet goes to the caregiver of your choice, that this caregiver has the funds necessary to take care of your pet over a period of time, and that the caretaker maintains your pets’ current standard of living.
