THE INS AND OUTS OF PET TRUSTS ‘WHO WILL LOOK AFTER SNIFFLES WHEN I’M GONE?’
From time to time, we have clients who want to ensure their pets will be taken care of. The conversation is very similar: “I want to leave my house to whoever looks after my dog/cat/horse/other pet.” First, I must say, we understand the emotional support an animal provides and are willing to help out in any way we can. But, unfortunately, you can’t leave money to a pet. And you can’t make a vague condition, like leaving assets to “anyone who looks after my pet” and expect a court to enforce it. Second, when it comes to estate planning, you must provide clarity on your wishes and desires. Therefore, if you want to leave assets to your pet, then a pet trust is the way to go. Here’s how a pet trust works: 1. You must determine which animals are covered by the pet trust. The more clarity the better. Often, an issue arises when your pet has offspring. Does the money you’ve provided go toward their offspring too? Or is the caretaker free to keep the offspring as their own? 2. You must designate someone to be a caretaker. This is the most important decision you have to make regarding pet trusts. This is the person who will have custody of your pet and be responsible for its day-to-day care. 3. Determine how much money you want to leave for the pet’s care. As you can imagine, the appropriate amount varies widely depending on the pet’s age and condition, as well as the number of pets you have.
4. You must determine the caretaking instructions. There isn’t a boilerplate set of instructions because animals can’t tell their caregiver what they need or like. Therefore, you must take the time to specify everything from their favorite food to toys and sleeping arrangements. As you can see, there are many different aspects to consider when deciding who will take care of your pet. This brings me to two other items of importance: Who will take care of your pet before you die, and what happens if someone challenges the legality of the pet trust? A trust is perfect if you need someone to take care of your pet before you die because a trust takes legal effect during your life, while a will doesn’t have any legal effect until after your death. Wills get challenged all the time. It is rare to see a trust get challenged because most trusts have very specific language as to what should happen and when it should happen within the trust agreement. So, if having someone take care of your animals is important, then give us a call today.
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ZPLC ACCOUNTING
It’s tax season again. Zeno, Pockl, Lilly, & Copeland, A.C. is not just another accounting firm. They offer world-class service with a personal touch. Offices are in Wheeling, WV, and Steubenville, OH. Call them at 304-233-5030 if you have questions about, or need help filing, your taxes. To schedule an appointment today, call and ask for Julie Ryan.
2 | 740-314-4829 This newsletter is for informational purposes only and no legal advice is intended. Be sure to consult with this law firm if you have a specific question about your situation. And remember, Edward and Jeff don’t take any unplanned inbound telephone or in-person meetings. We believe each case deserves our undivided attention.
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