Pet Trusts Make Perfect Sense If You Apply The Law Wisely
The family members who allege that you get along better with animals than you do with people probably have a point, but your animal friends are much easier to get along with than your human relatives. If you don’t write a will, your closest surviving family members will inherit all your property when you die, including your pets. Domestic animals are considered personal property; from a legal perspective, inheriting a dog or cat is the same as inheriting an armchair. Once your relatives become the legal owner of your pet, it is their right to downgrade your pet’s lifestyle from Fancy Feast to Meow Mix or even to give your pet to the pound. If you dread the thought of this happening, your best defense is your estate plan. Your efforts to provide for your pets in your estate plan will only be successful if you understand the relevant laws and apply them appropriately. For help providing for the care of your pets in your estate plan, contact an Orlando estate planning lawyer.
No, Your Pet Cannot Be a Beneficiary of Your Will
Planning for a scenario where your pets outlive you is a wise and responsible thing to do. In your mental image of this scenario; the animal is the recipient of the things you want to give it. Maybe you want it to continue living in your house, where it feels at home, and of course it will need a human caregiver to feed it, clean its environment, take it to vet appointments and, in the case of dogs, take it for walks. Be careful not to write your will as though the pet is a beneficiary.
If you are comfortable doing so, you can provide in your will that a family member or friend will inherit your pet. Your will should also provide enough money for that beneficiary to enable him or her to cover the pet’s food and veterinary expenses.
You have more control over how the caregiver will spend the money if you establish a trust. In the trust instrument, indicate that the purpose of the trust is to provide for the pet’s care. You can be specific about the caregiver’s tasks. You should provide a salary for the caregiver, separate from the animal’s expenses.
No, Your Teacup Yorkie Cannot Live Large
You might remember the tabloid news story about Leona Helmsley, a woman who placed millions of dollars in a trust to provide for her dog Trouble. She was correct to set up a trust and to be specific about the purpose of the money; most of it paid for the maintenance of her house, where Trouble continued to reside after Helmsley died, and for the salary of Trouble’s caregiver. The problem was that she overestimated how long domestic dogs live. If you have more love and more money than your pet can use in a lifetime, then add a provision that, after the pet dies, the trust should dissolve and the remaining funds should go to an animal charity.
Contact Gierach and Gierach About Estate Planning for Animal Lovers
An estate planning lawyer can help you provide for the furriest and cuddliest beneficiaries of your estate plan. Contact Gierach and Gierach, P.A. in Orlando, Florida to discuss your case.
Source:
businessinsider.com/trouble-leona-helmsley-dog-died-2011-6
