The best way to protect your pet and ensure that he/she is provided for in your absence is through the creation of a pet trust. A pet trust is a specialized type of revocable living trust. Like any trust, you will appoint someone as the Trustee of the trust and you will fund the trust with sufficient assets to care for your pet in your absence. The Trustee of your trust is legally obligated to use the utmost care when managing the trust assets and to follow the trust terms just as you wrote … [Read more...] about Is a pet trust a better option?
PET PLANNING
Can I transfer ownership by gifting my pet in my Will?
Gifting your pet to a designated caregiver in your Will does resolve the issue of the legal transfer of ownership; however, it does not solve all of the issues found in a verbal agreement. It does not legally obligate your caregiver to take over the care and maintenance of your pet nor does it provide a satisfactory funding method. You can also gift funds that are intended to be used to care for your pet; however, once gifted in a Will, the funds become the property of the beneficiary to do with … [Read more...] about Can I transfer ownership by gifting my pet in my Will?
My pet isn’t property so why do I need to transfer “ownership?”
You may not think of your pet as property; however, the law considers an animal to be property. Therefore, ownership of that “property” needs to be legally transferred to a new owner after your death. In the event of your incapacity, someone needs the legal authority to take control of that “property” during your incapacity. In addition, by making it clear who you wish to be your pet’s new “owner” you can help prevent disputes that could arise if more than one friend or family member wants to … [Read more...] about My pet isn’t property so why do I need to transfer “ownership?”
Do I still need pet planning if a friend promised to take care of my pet?
People frequently make the mistake of relying on nothing more than a verbal agreement with a family member or friend to care for their pet in the event of their death or disability. There are numerous problems with this option. First, your intended caregiver could be unable or unwilling to fulfill the agreement when the time comes and there is no legal way to enforce the agreement. Second, although you may not view your pet as your property, the law does, and a verbal agreement does not legally … [Read more...] about Do I still need pet planning if a friend promised to take care of my pet?
What happens without a pet plan?
Unfortunately, over half a million dogs and cats end up in shelters each year in the U.S. as a result of the death or incapacity of their owner. When a pet owner dies or becomes incapacitated, a beloved family pet can easily be overlooked, or be viewed as a burden, if plans were not made ahead of time to care for the animal in the event something happened to his/her human “owner.” Your loved ones may be so focused on their worry or grief over your death or health problems that your pet simply … [Read more...] about What happens without a pet plan?
Is pet planning necessary?
Despite the fact that they feel their pet is part of the family, most people do not think to include Fluffy or Fido in their estate plan either because they are not aware it is possible, don’t think it’s necessary, or are unsure how to do so. If you consider your pet to be part of the family, why wouldn’t you include him/her in your estate plan? Including your family pet in your estate plan allows you the peace of mind that comes with knowing your pet will be well cared for if you are unable to … [Read more...] about Is pet planning necessary?
