For many of us, our beloved pets hold the same affection and care in our hearts as any other family member. As a pet owner, whether in the prime of life or living with a chronic condition, wondering what happens to your pet after you are gone unexpectedly is a common occurrence.
As a pet parent, you may wonder how costs will be covered and who will care for them should you no longer be able to. You may think of including instructions in your will. But is that the best choice?
Today, we would like to comfort pet owners worried about what happens to their beloved companions when they are unexpectedly gone and how to ensure their four-legged, scaled, feathered, and other pets are safe and cared for in the best way possible.
Can I leave money for my pet in my will?
For many decades, when it came to pets and estates, sadly, there was no way to leave any money to a pet or pets. The law states that animals are property, and one piece of property cannot own another.
However, in this day and age, there is what is known as a Pet Trust.
What Is a Pet Trust?
A pet trust is a trust that will provide money and care for your pets when you can no longer do so. The trust can be created and operated during your lifetime or after passing. You can make a pet trust as part of your estate planning; in some cases, it can be helpful at any time, especially if you're incapacitated or unable to care for them.
Pet trusts are a legal entity. That legal entity, or pet trust, owns and manages your assets on behalf of your beneficiaries. A beneficiary is an individual, or individuals, who will inherit the assets from the grantor or who writes the will.
A pet trust is funded by contributing assets during your lifetime and leaving assets to the trust in your will. Your pet is the beneficiary of this trust. Once the trust activates, the trustee to whom you leave assets will use the funds to pay for your pet's food, housing, and medical care. In most cases, a pet trust is a means to allow someone you trust to take possession of your pet and reimburse their costs.
Why A Pet Trust Is Better Than a Pet Provision In Your Will
Most lawyers will tell you they consider a pet trust better than a will, as it can be far more specific than leaving your pet to someone and the money to take care of them.
Why are pet trusts considered better than including a pet in a will? A pet cannot inherit estate assets in a will. While you can still include a pet in your will and bequeath it to a named heir of a beneficiary, this can potentially fail your pet. There is a chance your beneficiary or heir may be unable or unwilling to take on the responsibility of a pet or already have another pet in their family. Additionally, any money you include in a will with a pet provision is considered a gift, meaning the person you leave in charge of your pet could refuse to take care of the pet and still take the money.
With a pet trust, you can get as specific as possible. For example, you can specify that your pet is fed a particular brand of pet food, set the number of times a vet must see them, and even determine how many times a day a pet should be walked or played with. You can also specify exactly how each dollar is spent and how, on your pet, it is legally enforceable. If you leave money in a trust for a horse, then that money must be used for that purpose and follow your wishes.
The Benefits of a Pet Trust
- Allows you to appoint a trustee and name a caretaker responsible for your pets' needs.
- A pet trust provides clear instructions for your pet's care and to their caregivers, including favorite toys, food, and sleeping arrangements.
- Pet trusts can specify provisions for regular vet check-ups, emergency medical care, and even end-of-life care.
- Pet trusts are legally enforceable.
- A pet trust provides flexibility. You can include specific instructions to respond to changes in pets' health and needs over time.
- Family members who may be unhappy with your plans will find it far more difficult to challenge a pet's trust than a Will.
- Pet trusts can go into effect when you pass or when something happens that you can no longer care for your pet.
When it comes to your beloved companions, a Pet Trust is a far more reliable, legally enforceable means to protect and care for your four-legged friends after you're gone or cannot care for them yourself.
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