You should adequately fund your pet trust taking into consideration both your pet’s regular costs as well as any unexpected costs that may arise. Include additional money if you are compensating your pet’s caregiver or trustee.
In general, the lifetime cost of owning a dog or cat is between $5,000 and $20,000. Take into account the number of pets and their ages, remembering that medical costs often increase as a pet gets older. Make adjustments if your pet has any specific needs, such as medications, or if you have any special requirements for an expensive food or product. Once you have arrived at a number, adding an additional 10% for unexpected emergencies is common.
Remember that you can also direct what should be done with the remainder of the trust funds when your pet passes away, so there is little problem with moderately over-funding a trust.