CARING FOR PETS THROUGH ESTATE PLANNING

     If you are a pet owner, no doubt you want the best for your pet. But what will happen if you are no longer able to care for your pets due to incapacity or death. Who will take custody of your beloved pets and provide the same level of care for them that you provided? How can you make your wishes known to those who will care for your pets? How can you provide funds and directions to assist in day to day care issues as well as life or death decisions for your pets?

     Estate planning for your pet may be the answer. When planning your own estate, you may wish to include special provisions that create a Pet Trust to ensure that your pets will be cared for as you yourself have cared for them. In a Pet Trust you can choose the person you feel will best care for your pet in the event of your death or disability. In a Pet Trust you can specify such things as:

• Who should care for your pet on your death or disability.
• What veterinarian should address your pet's health care needs.
• What kind of food should your pet be given.
• Where should your pet be boarded if the care giver goes on vacation.
• Who should care for your pet if your first choice can no longer care for your pet.

     Many pet owners cherish their furry, feathered and scaled companions and look upon them as if they were their own children. There are many stories of famous Americans who have left large sums of money to their pets. For instance, Doris Duke, tobacco heiress, left $100,000 to her Shar-Pei. Singer Dusty Springfield’s will provided that her cat’s bed be lined with Dusty’s nightgown, her music be played for him and he be fed imported baby food. Actress Betty White is reported to have left $5 million to her pets. Oprah Winfrey’s will supposedly directs that her dog live a life of luxury.

     Traditionally, Pet Trusts were unenforceable because they lacked a human or legal entity as a beneficiary. They are still not enforceable in most states but courts and legislatures have become increasingly tolerant of Pet Trusts and now several states have enacted laws permitting such trusts. Some states have also specifically provided that Pet Trusts are enforceable by someone appointed in the trust. Florida has enacted such a law that took effect as of January 1, 2003 providing for the creation and enforceability of Pet Trusts.

     Though you only need to designate one individual, you may select one person to care for your pet and another person to oversee the financial aspects of your Pet Trust. In setting up a Pet Trust you will need to estimate your pet's future needs considering what measures are to be taken to extend your pet's life should your pet ever become seriously ill. Once you determine how much money will be required, you need to choose someone to hold the Pet Trust money for your pet and designate where to distribute any remaining money when you pet passes away, such as a pet organization, religious group, or individual.

     Pet Trust provisions may included in your estate planning documents and should be kept with all of your other important legal documents. Typically, you will also have an Animal Card for your wallet to help guarantee that someone can begin to care for your pets as soon as is possible upon your incapacity or death.

     If you love your pets and want them to continue to be cared for the way you have cared for them, consider the benefits of a including provisions for a Pet Trust. It may be the next best thing to you being there with your pets.

– «» –