In past articles, I have stressed the importance of having a plan and reviewing that plan on a regular basis.
 
That has and will always be my advice. I have discussed various aspects of what should be included in the plan, who should be included, how often to review, what types of documents should be included, etc.
 
One thing, however, that I have not covered yet is a subject near and dear to my heart - our pets. 
 
What happens to our furry, feathered or scaly friends when we pass?  With the recent hurricane activity we’ve seen, this has certainly been an issue in the forefront of many people’s minds.
 
So, how can we make sure that they are properly taken care of? There are several ways. Pet trusts is one of those ways. All 50 states (except Minnesota) now recognize pet trusts and allow owners to set aside funds for the care of their fur babies. 
 
In most states there are limitations placed on these trusts such as:

• Amount of funds
• Life of pet
• 21 years
• Whichever comes first

• Create a basic budget. How much does it normally cost to take care of your pet on an annual basis, including unexpected vet bills?
• Decide who you would want to care for them and make sure to discuss it with that person(s) to ensure they are willing and able to take on the responsibility
• Decide who should handle the funds since it should be someone different than the caregiver, for obvious reasons
• Consider leaving a certain amount to the caregiver. However, for their time and efforts on your behalf and that of your beloved babe.
• Ensure that the caregiver is fully aware of any medical needs, feeding habits veterinarian name/location, favorite toys/food and any other quirks specific to Fluffy that would be helpful in making the transition that comes with your passing
• Decide what happens with any funds that are leftover when Fido goes to that big fire hydrant in the sky. Do they go the way of the remainder of your estate?To an animal-related charity? Either way, it should be spelled out in the agreement.