Don’t Forget Fido!
According to the ASPCA, approximately 6.3 million companion animals enter U.S. animal shelters nationwide every year. By including your pets in your emergency and legacy planning, you can ensure that your special, fluffy loved ones avoid this fate. There are two common ways to accomplish this:
Pet Trust: A binding legal document that provides financially for the care of your pet after your death. You (the grantor) create and fund the trust and name a trustee to manage it. As trustee, this person will have a fiduciary duty and can be held to account by the court if needed. Sometimes the trustee is also the caretaker, but sometimes this is someone else. While these are the gold standard for providing for pets, pet trusts can be expensive to administer.
Specific Bequest: A less involved and expensive option is to make a specific bequest in your estate planning documents. You can name an individual to get possession of your pets, explain your wishes for the pet’s care, and even leave money to go along with the bequest with the intention of being used for the pet’s care. However, unlike a pet trust, there is no fiduciary duty imposed, so you are relying on the goodwill of the individual named to carry out your wishes.
When weighing your options, it’s important to consider the needs and lifespan of your animal. Simply put, a pet trust would be more likely to make sense if you are planning for a horse than if you are planning for a hamster. If you are a responsible pet owner who would like to discuss planning for your furry loved ones, make an appointment today.
For more info, and for a sneak peak at the Meeks family pets, check out my most recent video.
