It is the purr-fect month to spotlight pets and estate planning. Coinciding with the dog days of summer, September is known as Responsible Dog Ownership Month, National Service Dog Month, and National Pet Health Insurance Month. Additionally, National Dog Week runs from Sept. 24-30. Read below for ways to protect your cute kitty or pampered pooch.
Pets are cherished family members and leave paw prints on our hearts, so including them in an estate plan is a logical step. Creating a pet estate plan for your fur family helps protect their well-being and maintain continuity of their care in the event of your incapacity or passing.
Clients increasingly ask me what legal tools are available to help them plan for their pets. Estate planning for pets is a growing trend with nearly half of cat and dog owners naming a caretaker in their wills or creating a pet trust.
A pet directive can be a section in your will that lets you name guardians for your pets and leave money intended for their care. More common is for pet owners to create a pet trust that funds an amount to deliver specified caregiving over a period of years.
One of the most famous (and infamous) pet trusts was the $12 million trust Leona Helmsley created for her Maltese dog, Trouble. Most pet trusts range from $2,500 – $15,000. Pet trusts are similar to legally binding trusts for minor children, where a guardian looks over the pet and a trust administrator distributes the money and has an eye on the animal’s care, vet visits, and maintenance. A pet trust can be a standalone document but it is frequently incorporated into an individual’s larger trust instrument.
Estate plans with pets in mind can also designate that any money left over after the pet passes can go to the guardian or a charity. Without a specific pet trust, whoever has durable power of attorney or is the estate plan executor has the legal responsibility to take care of all your property, including pets.
If you don’t specify who gets your pets in your will, they go to whoever inherits your property. If you die without a will, state law determines who inherits Fido or Fifi. In short, pet owners without estate plans may inadvertently put their pets at serious risk, and you want your pets to live their best (nine) lives.
Our compassionate and experienced estate planning law firm helps individuals and families in South Florida protect what matters most. The Law Offices of Max J. Paul provides knowledgeable, cost-effective legal services and solutions. We look forward to the opportunity to provide “Best in Show” guidance on how to incorporate your pets into an estate plan. Contact The Law Offices of Max J. Paul at max@maxpaul.com or call (561) 807-1977.