To many of us, our pets are members of the family. However, they are often overlooked in putting together an estate plan, where the traditional focus is on the disposition of a client’s assets and naming guardians for his or her minor children after the client’s death. When pet care is overlooked, our beloved animals may suffer a bad fate.
Providing for the care of one’s pets can be accomplished through different means. If a client feels confident that certain family members or friends will love and care for the pet as the client would, then the animal can be given to that individual at the client’s death or other inability to care for the animal, together with a fixed dollar amount for the pet’s care. It is wise to name alternate caretakers in case the first person named is ill, dies or declines to care for the pet for the remainder of the pet’s life.
In lieu of a set amount, some clients prefer to prescribe a formula for determining the amount to be left to a caretaker. For example, on the assumption that Fluffy will live to age 15, the amount to be left for his care can be determined as follows: Subtract Fluffy’s age at the date of the client’s death (or other inability to care for Fluffy) from 15. Then multiply the difference by a dollar amount estimated by the client to be the cost of Fluffy’s annual care (considering the fact that veterinary bills are likely to increase in his old age). If Fluffy is age 14 or older when the caretaker assumes responsibility for him, provide for an alternate fixed amount.
Pet trusts are legal in many states. Of course, this does not mean that Fluffy can be the beneficiary of the trust. The trustee can be directed to reimburse Fluffy’s caretaker for the expenses of his care upon receipt of substantiation of the expenses incurred. If there is no ongoing trust (for example, for the client’s children) from which the disbursements can be made, then a trust can be established for the sole purpose of a pet’s care and funded with the client’s best estimate of the total cost of care over the pet’s lifetime. If drafted properly, a trust has the added advantage of allowing the trustee to supervise Fluffy’s care, to some extent, and intervene if Fluffy is not being cared for properly.
Clients, especially those who live alone, can also be encouraged to place cards in their wallets instructing emergency personnel to contact certain individuals to feed and otherwise care for the client’s animals if the client is unable to make it home.
With planning steps like these there is peace of mind in knowing that our loyal companions will not be abandoned if we can no longer care for them.
