Funding

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(R), 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(R)? 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(R), 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.

 

 
  • Overview
    Animals have come to play an increasingly significant role in the modern American family. It's proven that people live more fulfilling lives when they live with pets, and two-thirds of all Americans consider their pets to be family members. As veterinary medicine advances and pets lead longer lives...
    read more
  • What happens to my pets when I pass away?
    In the eyes of the law, pets are treated the same way as property. Therefore, the judge or the executor of your estate must often make the critical decisions as to who will take care of your pets. But probate can take months, even years. And even the most well-meaning family members may not be able...
    read more
  • What is a Pet Protection Agreement?
    A Pet Protection Agreement(R) is a document that lets you decide who will take care of your pets and how they will be cared for. Most importantly, a Pet Protection Agreement(R) allows you to name a Pet Guardian, which is the person who will be responsible for taking care of your pet(s) in case...
    read more
  • The Pet Guardian
    The Pet Guardian is the person that you designate to "adopt" or take care of your pets in case you have died or are no longer able to take care of your pets. The Pet Guardian can be responsible for one or all of your pets. But it's possible that you may have different people in mind for different...
    read more
  • 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(R),...
    read more
  • Formal Pet Trusts
    A formal stand-alone pet trust ensures care for your pets, but it's a complicated arrangement that should be created by an attorney who specializes in estate planning and has special experience in pet issues. If a pet owner plans to leave a substantial amount of money for the care of pets and...
    read more