Let's be honest - we all love our furry friends. But what happens if we unexpectedly pass away?
Only 7% of pet owners in Canada have made a formal arrangement for their pets. And unfortunately, pets without a plan often end up in animal shelters where they only have a 45-60% chance of being adopted.
Many of us believe that a family member or friend will step up to the plate and take the pet in. While this is true in many situations, it's certainly not always the case. Pets are expensive, which is why it's important to make a formal plan for your pet. This includes naming a pet guardian and creating a pet trust.
A pet trust is an amount you've set aside for your pet guardian to help cover your pet's expenses. We've seen pet owners leave as little as a few hundred to $100,000 in their wills for their pets.
How Much Should I Leave In A Pet Trust?
That amount depends on the type of pet you have and the costs to care for your pet. For example, horses are much more expensive to care for than a goldfish.
To help, we've put together the above Pet Trust Calculator to help you determine how much you'd need to leave in a trust to cover your pet's expenses for the remainder of their lifetime.
Once you've determined how much you should leave in a pet trust, you'll want to formalize this decision (along with naming your pet guardian) in a legal will!
With Willful, you can create your will online from the comfort of your home. Start your will for free here →
To learn more about protecting your pets if you pass away, learn more about How To Plan For Your Pets In Your Will.