Rachel Hirschfeld, Esq., creator of the Pet Protection Agreement®


Pet Protection Agreements
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Home | Wills & Living Trusts | Pet Protection Agreements

Pet Protection Agreements®

5. Funding

Providing funds to take care of your pets is optional. However, providing funds can make sure that your pets will be cared for in a manner that they are accustomed. Funds can be a fixed amount or a percentage of an insurance policy, bank account or other asset.

In the Pet Protection Agreement®, you will also dictate how any remaining amount that is not used will be distributed. Many pet owners leave the remaining funds to animal charities or family members.

Please consider that pets are more expensive as they age. Other factors to consider when deciding how much to leave for a pet's care include: How many pets are covered by the Pet Protection Agreement®? What type of pets are they? How long are they expected to live? Is the Pet Guardian going to be compensated from the remaining funds after the pets pass, or should the Pet Guardian receive monthly or yearly compensation?

The same person named as the Pet Guardian can also be in charge of managing the funds, but appointing a different person creates a system of "checks and balances" that further protects the pets. In the Pet Protection Agreement®, the person who manages the funds is called the "distribution representative."

Another consideration is emergency funds. Some people set up a small joint bank account, in the name of both the pet owner and the Pet Guardian, so that the Pet Guardian can access the funds immediately if necessary. It can also be a test of the Pet Guardian's trustworthiness while it's still possible to change the document.
 
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