Estate Planning And Your Pets

You may consider your pet to be a part of your family. But have you made any provisions for the possibility that they may outlive you? If you want to ensure that they continue to have a good, safe life, you need to include them in your estate planning.

Here are some of the options:

Pet Bequest

Legally, you can't leave any possessions or money to your pet. You can, however, leave your pet and money to a caretaker. Legally, upon your death, both will pass to the person named in your will. The problem is that the caretaker is under no legal obligation to use that money towards their new pet.

Unless you are extremely confident that the person you name as a caretaker is going to respect your wishes, this isn't the best pet estate planning option.

Pet Trusts

The only way to legally obligate someone to take care of your pet after you're gone is by drawing up a pet trust. Many states now recognize pet trusts. You're leaving your pet and money to a caretaker, just like with a pet bequest, but in this case, the caretaker can be sued if they don't adhere to your wishes. These trusts allow you to leave instructions on how to care for your pet, and hold the caretaker responsible for making sure the money for your pet's care is spent properly.

An added benefit of pet trusts is that they can also be enforced in the event that you become too ill to care for your pet. The only downside is making sure the caretaker you name is up to the task. It's a good idea to name an alternate caretaker, just in case.

Legacies

If you don't know or trust anyone to take care of your pet in the event of your passing, you can opt for a legacy. These are animal rescue organizations that will step in and find a good home for your pet. You'll have to leave your pet to the organization you've selected in your will, possibly with some money as well. 

Contact the organization before naming them in your will. Find out their requirements and check their history to gauge whether they'll be around 10 to 15 years from now. If they meet your criteria, then ask your lawyer to draw up the necessary papers.

When planning your estate, include your pets in order to make sure they'll always be properly cared for and protected. For more information about estate planning, contact a professional like Lisa Cappolella Attorney at Law.