Make a Plan for Your Pets

For many of us, our pets are like a part of our family.  And while you may have thought about making a plan for your human family for when you die, have you thought about the plan that your pets would need?  Although you may see your furry, scaly or feathery friends as family, the law considers your pet nothing more than personal property and will treat it just as the law treats your furniture or clothing. 

Without a plan in place for your pets, if no one offers to take then when you die or become incapacitated, your pet could end up taken to an animal shelter.  You can certainly indicate in your Will who should receive your pet and even leave them some money for that purpose.  But there is no continuing oversight to ensure that your pet is cared for as you intended and that the money is used wisely.  In fact, the named guardian could even drop your pet off at a shelter and use the money as they see fit and would face no penalty.  A Will also has to go through a process called probate which can be long and time-consuming and leave your pets in limbo while the courts finalizes your estate.

Another consideration is what would happen to your pet if you became incapacitated?  If you were in the hospital for a period of time, who would care for them?  Will they have the money to provide care for your pet as you have?  Do they know what your pet needs?

If you have a pet, your estate plan should include a Pet Trust.  A Pet Trust is similar to any other trust you would make: you, as the Trustor, create the Trust for a beneficiary, your pet or pets, and name a Trustee to manage the assets in the Trust.  A Pet Trust can ensure that your pets are properly taken care of in the case of your death or incapacity.  It goes into effect immediately and management of the Trust will transfer to the successor Trustees if you die or become incapacitated.  A Pet Trust is the only vehicle that allows you to lay out detailed, legally binding rules for how your pet is cared for and how the funds you leave are used.

When creating your Pet Trust, you will name a Guardian – the person who will care for your pet(s).  You can name one guardian for all your pets or leave each pet to a different person if that makes the most sense.  This is the person who will be responsible for caring for your pets if you die or become incapacitated.

You will also name a Trustee – the person who manages the assets of the Trust.  Although you can name the same person as Guardian and Trustee, in many cases it may make more sense to have these roles filled by different people to provide an additional layer of oversight for your pets and your assets.

In your Pet Trust, you are able to provide caretaking instructions for your pets.  From basic instructions for their daily care, like food, exercise, medications, to instructions for any special treatment like sleeping arrangements, favorite toys, or even treat they should get, these instructions are legally binding on the guardian and Trustee.  You can also provide instructions for your pets’ end of life care, like indicating if you would prefer cremation or burial for your pet.

You will need to provide funding for the care of your pets in your Pet Trust.  Don’t worry if you don’t have cash on hand for the care of your pets for the rest of their lives.  As we plan your estate, we can help you identify which assets, such as life insurance policies, retirement account, and savings should be directed for the care of your pets.  You will also provide a contingent beneficiary so that if all the money you set aside is not used in your pets’ lifetime, it will go to a loved one or charity, as you choose.

As you plan your estate, make sure you make a plan for all the members of your family – even those with fur, scales or wings.  At The Law Offices of Jenny Ling, PLLC, we believe that creating a plan for your death or incapacity can give you the peace of mind knowing that your family, all of it, will be taken care of.  Contact Us to schedule your complimentary 15 minute phone consultation to discuss how we can protect your family.

Jenny Ling is a partner at the Law Offices of Jenny Ling, PLLC.  She focuses her practices on estate planning, business succession planning, business and bankruptcy.