Funding Dos and Don'ts
Whether or not you want to leave funds for the care of your pet is a decision that only you can make. You can leave a nominal amount as a gesture of appreciation to the person who commits to taking care of your pet or sufficient funds to cover your pet’s basics needs for the rest of his or her natural life.
Regardless of what you decide, keep the following advice in mind:
- Create a plan for the future care of your pet even if you do not have extra funds for his or her care.
- Consider having a third person control and direct the money provided for your pet’s designated caregiver to make sure the funds are used correctly.
- Consider all kinds of funding options available; for example, bank accounts, life insurance policies, annuity contracts, will/trust provisions, and pet protection agreements.
- Consider your pet’s age, customary lifestyle and special needs when deciding the amount to leave for his or her care.
- Consider a donation to a shelter or an animal retirement home for the future care and re-homing of your pet if something should happen to you.
- Set aside too much money for the care of your pet, as family members or others could challenge your arrangements.
- Use money as motivation to convince potential caregivers to care for your pet in the event you are unable.
- Give a caregiver all funds for the care of your pet at once; it is important that sufficient bonding between your pet and the caregiver has occurred to ensure this is the best placement for your pet.
- Forget to provide for the expense of your pet’s burial or cremation.