We‘ve already discussed some of the options and legal vehicles for paying for your pet on your death, and we’ll discuss this more fully in later posts, but what amount should you set-aside to fund your pet’s care after your death?
There’s no exact figure. The basic approach is to consider:
- Your Pet’s Health
- Your Pet’s Age
- Your Pet’s Life Expectancy
- Your Pet’s Approximate Annual Costs
Then it’s simple math that would make my first grade teacher, Mrs. Marsh (“Mrs. Marsh-mallow” behind her back), proud:
Annual Costs x (Life Expectancy – Pet’s Age)
However, variables must be considered such as your pet’s health and health history. For Example:
- My friend’s dachshund “Rembrandt” had spine issues including at least one past surgery. Should future spine treatment be factored in?
- If you buy your pet snacks at Neiman-Marcus, you had probably factor this affluent lifestyle into the equation.
- Our long-haired collie Willy needs grooming every 8 weeks or so, or he gets matted beyond repair, so you might wish to consider this when you work on the math.