Pet Trsust for Spot
Typically, pet trusts are used for more exotic pets or animals with lengthy anticipated life spans. Horses live over thirty years and are expensive to maintain. Some parrots have a life expectancy exceeding eighty years. Pet trusts can operate well to ensure that your horse spends those remaining years in a well-maintained and clean stable or your parrot gets to a parrot sanctuary (which do exist!).
But what of our house pets, especially our dogs and cats? Their life expectancies may not be like those other critters. Yet, they are family members, they are loved, and we want to provide care for them too. Options exist to address the needs of your house pet after you depart this realm.
First, a formal pet trust can be used. A formal pet trust should provide peace of mind to the pet owner, but at a cost. A dedicated pet trustee, pet advocate, and pet trust protector can all be in place to ensure that your pooch never does without food, shelter, medical; care, and just being spoiled. In addition to these administrative costs for each position, the trust will need to provide for the underlying care costs. A formal pet trust will need provisions and reserves for final care of the pet, including disposition of remains. Administrative expenses and potential short duration of this type of trust may not justify this level of formality.
An alternative is to include provisions in your Living Trust directing who cares for and will own your pets, guides the nature of the care to be provided for the pets, provides for illnesses and end of life costs, and includes funds for feeding, housing, veterinary charges, and medications. These less formal provisions can operate much in the same manner as pet trusts, but without the formality. You should also build in flexibility and discretion for the pet caretakers to provide for the best interests of the pet.
A third approach would be to simply designate who should receive your pets with no additional provisions. The pets should be left to a trusted person. If these issues were discussed in advance and all stakeholders agreed with this limited approach, it may be fine, although it lacks an element of certainty.
This latter approach feels inadequate when compared with the first two alternatives. Yet, many estate plans include absolutely no provisions for house pets. At that point, Fido and Fluffy may be treated in the same manner as a sofa, a box of your books, or a teacup. Ouch!
Estate Planning Attorney Michael Geiger will not leave the care of your house pets to chance. He and his wife have an extraordinary pet trust for their own four-legged family members. All Living Trusts Michael crafts include some form of rudimentary pet care instructions, even if the clients advise that they do not own pets and are not “pet people”. Fort those clients who are, indeed, “pet people”, we can provide for the care and well-being of these beloved family members. Contact Michael at (901) 219-5549 or at [email protected] for all your estate planning needs.