Pet Trusts
Many of our clients see their pets as a part of the family, with a pet trust in place you can ensure that your pet or pets will be protected in the same manner that a living trust protects your family members. Without a pet trust in place, your pet is at risk to be sent off to a shelter, or even euthanized. This can be avoided. With the creation of a pet trust, or specific provisions in your estate plan, you can make sure that your pet or pets will be looked after in the manner that you wish.
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Getting StartedRegardless of whether you want to provide for your pet in your Will or Trust, you may wish to complete a “pet profile” for each of your pets. A pet profile is essentially a questionnaire wherein details concerning the pet are written down including name; type of animal; age; weight; description; information concerning behavior; daily routine; and medical information among other things.
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Legal Planning
At its most basic, a provision is inserted in a pet owner’s Trust or Will leaving the pet to a friend or relative. Years ago people did not think quite as much about the cost associated with caring for the pet. Today most people understand that the cost can be fairly high and therefore provide an amount to be given to that person to be utilized on behalf of the pet. Sometimes that amount is held in trust.
Because the person selected may not want to or might be unable to undertake the task of caring for the pet, it is always helpful to have at least one back-up person listed. Generally, once the animal is given to the caregiver, that is it. No one monitors the caregiver unless the pet’s owner has provided a mechanism for that to occur.
Clients often struggle with how much money to leave for the care of their pet. Obviously, there are no rules. Rather there are factors to consider including how much is annually spent on behalf of the pet multiplied by the pet’s life expectancy. There are sources online that provide mechanisms for calculating the cost. The owner should be liberal in his/her thinking because the caregiver should have enough money to care for the pet. A properly drafted trust will provide both enough money and a solution for the distribution of any remaining money.
In the event that money is being set aside to be used until the pet’s death (instead of a sum of money being given directly to the caregiver), it is important to make sure that the caregiver is honest. He or she may have a financial incentive to indicate that the animal is alive after it has passed. There are microchips that can be inserted in the pet so that the trustee can be certain that the money he is paying each month is for the care of the pet that was the intended recipient.
People should always select a trustee that they trust.
An Estate Planning attorney can assist in the selection of a trustee that is appropriate for your Estate Plan. Professional trustees, including corporate trustees, are sometimes utilized especially in those situations where the client does not have anyone suitable to serve in the position, or as a back-up to other trustees.
Some people do not have anyone to care for their pet or pets and others may have one person to put in that position, but do not have a back-up. There are plenty of choices including contacting your local humane society as well as a veterinary school. A little bit of research will provide a number of other options including animal sanctuaries. Ideally, this should be done prior to finalizing the Will or Trust so that whatever is decided is incorporated into the document.
Because the person selected may not want to or might be unable to undertake the task of caring for the pet, it is always helpful to have at least one back-up person listed. Generally, once the animal is given to the caregiver, that is it. No one monitors the caregiver unless the pet’s owner has provided a mechanism for that to occur.
Clients often struggle with how much money to leave for the care of their pet. Obviously, there are no rules. Rather there are factors to consider including how much is annually spent on behalf of the pet multiplied by the pet’s life expectancy. There are sources online that provide mechanisms for calculating the cost. The owner should be liberal in his/her thinking because the caregiver should have enough money to care for the pet. A properly drafted trust will provide both enough money and a solution for the distribution of any remaining money.
In the event that money is being set aside to be used until the pet’s death (instead of a sum of money being given directly to the caregiver), it is important to make sure that the caregiver is honest. He or she may have a financial incentive to indicate that the animal is alive after it has passed. There are microchips that can be inserted in the pet so that the trustee can be certain that the money he is paying each month is for the care of the pet that was the intended recipient.
People should always select a trustee that they trust.
An Estate Planning attorney can assist in the selection of a trustee that is appropriate for your Estate Plan. Professional trustees, including corporate trustees, are sometimes utilized especially in those situations where the client does not have anyone suitable to serve in the position, or as a back-up to other trustees.
Some people do not have anyone to care for their pet or pets and others may have one person to put in that position, but do not have a back-up. There are plenty of choices including contacting your local humane society as well as a veterinary school. A little bit of research will provide a number of other options including animal sanctuaries. Ideally, this should be done prior to finalizing the Will or Trust so that whatever is decided is incorporated into the document.
