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September 9, 2012
Estate Planning For Your Pets
62% of American households have pets, and many of those households love and treat their pets as a family member.? Under the law, pets are considered
property, but there are ways you can provide for them as though they were a real
dependent.? If you don?t make some of these special arrangements for your pets, upon your death or inability to care for them, they could end up in a shelter or worse.?
Within the next week, the ASPCA is collaborating with LegalZoom.com to promote the company?s Pet Protection Agreement, which is a way for you to appoint guardians for your pet, leave funds for their care, and list their caregivers.? LegalZoom sells the agreements for $30-$70 and the ASPCA receives either 15% or 10% of the price.
Beyond the documents, there are several steps you should take to ensure that you wishes will be carried out if you die or become incapacitated.? First, get a commitment from your prospective guardian.? You should probably identify two or three potential guardians and provide for a back-up in the documents that you draft.?
Second, put the commitment in writing.? Draft a letter or a formal agreement that can be signed by you and the future guardian.? Then, share that agreement with family members or your vet so they know who should be caring for your pet(s) if you die or become incapacitated.? Lawyers advise not to include those instructions in a will because a will can be challenged, and if it takes time to sort that out, your pet(s) will likely need care long before that resolution is reached.?
Third, create a pet dossier.? This contains information about your pet?s allergies, vaccinations, likes and dislikes. A caretaker or vet can use this information to properly care for your pet when you pass.?
Fourth, you may want to provide funds for your pet?s future care. You can create a pet trust and name a trustee to manage the money you set aside for the care of your pet.? Four states do not yet recognize pet trusts, so you may need to consult with a lawyer to ensure your state allows pet trusts and set one up properly if it does.?
Finally, if you leave a lot of money for your pet in a trust, you may want to consider adding a no-contest clause for other beneficiaries, which would oust them of their share if they contest your wishes.?
See Karen Blumenthal, Pondering a Trust for Your Pet, The Wall Street Journal, Sept. 7, 2012.??
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.?
September 9, 2012 in Estate Planning - Generally, Trusts | Permalink
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