Estate planning for your pets
Ever wonder what happens to your pets after you pass away? Most pet owners consider their pets as a member of their family. It, however, is not uncommon for pets to be left behind as their owners pass away. What can you do to ensure that your pet is taken care of upon your passing? Estate planning for pets became more popular in the 90s and pet trusts are now legal in most states.
Legally, your pet is deemed to be tangible personal property that would pass to your heirs or beneficiaries by law. With a will or a trust, you can control who will get your pets and how they should be taken care of.
Typically a pet trust sets aside a certain amount of money that is dedicated to caring for the pets you owned upon your death. Once the last of the pets pass, any remaining funds pass to your beneficiaries. There are decisions to be made though in setting up the pet trust.
The most important decision is who will serve as the trustee of the trust and caretaker of the pets. Friends and family are usually thought of first. Although they may enjoy playing with your pets, the enjoyment may diminish quickly. A good way to test whether or not they will be a good caretaker is to have them pet-sit for several days.
Another decision to be made is how much, if any, to compensate the caretaker for their services. If you compensate them too little, they may not adequately care for your pets. If you compensate them too much, they may keep a suffering pet alive too long. There is a story about a caretaker who found a new black dog whenever the old black dog passed away to ensure they continued to receive compensation. You want to avoid this situation. There are always non-profit organizations who will gladly care for your pet under a pet trust.
If you would like to discuss the possibilities of a pet trust further, please contact an estate planning attorney to draft the legal documents necessary to ensure your pets are taken care of upon your passing.
