Have You Included Your Pets in Your Estate Plan?

Aug 04, 2010  /  By: Michael Bonfrisco, Estate Planning Attorney  /  Category: Pet Planning

Did you know that, generally speaking, the law views pets as personal property? This means that if you pass away, your pets are distributed to your heirs just like the rest of your possessions. If your family members are animal lovers and are prepared to care for your pets long-term, this may not be a problem. But for some pets, the death of an owner means life in a shelter or on the street.

Fortunately, there’s a way to provide for your pet’s needs in the event that you die or become disabled. You can establish a pet trust. Here’s how it works: You set up the trust by naming a trustee and a caregiver, and fund the trust with enough money to care for your pet. You’ll give the trustee instructions on how to distribute the funds. You’ll give the caregiver instructions on what kind of care your pet needs. If you die or become disabled, the trustee will give your pet to the caregiver, and distribute the funds to the caregiver so that he or she can take care of your pet. The trustee will also make sure that the caregiver is caring for your pet pursuant to your instructions. When your pet dies, the trustee will distribute the money or property remaining in the trust to the remainder beneficiary, the person or organization you name in the trust to receive the property upon the death of your pet.

It’s a good idea to check with both the trustee and the caregiver before you appoint them, just to make sure they’re willing to take on the responsibility. It’s also a good idea to name at least one alternate trustee and caregiver, in case your initial choices are unwilling or unable to serve for any reason.

There are numerous considerations that factor into establishing a pet trust, from how much to fund, to what types of instructions to leave for your trustee and caregiver. These decisions are highly individual and depend things like the size of your estate, the type of pet you own, and your pet’s habits and preferences. If you’re considering establishing a pet trust, an estate planning attorney can help through these essential decisions.

The Bonfrisco Law Firm is a member of the American Academy of Estate Planning Attorneys.

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