Pet Legacy Care
From: www.aaepa.com
This last week we sent our beloved dog, Bruiser, over the “Rainbow Bridge.” This was not the first time that I have had to euthanize a dog, but as those of you who have shared this heart-wrenching experience know, each one hits differently. Bruiser was our family pet for thirteen (13) years, having shared that title with three other dogs, three cats, countless fish, and more than a few dust bunnies. I’ll admit that I wrote him an obituary. One of my dear friends gave me the idea when she began writing obituaries for her dogs. In writing Bruiser’s obituary, it occurred to me that if I were missing him this much, it must be even worse for a pet to lose their human. It’s said that dogs are man’s best friend, and with the unconditional love and comfort they provide daily, it’s easy to see why. Our pets communicate in non-verbal ways only and in my mind that makes the loss of their person harder for them to process. Thus, if you or your clients have pets, this blog’s for you.
An Estate Plan serves as a set of instructions regarding how you want your affairs handled if something happens to you. The plan sends a message to your loved ones that you care and do not want to burden them with unclear plans. A basic Estate Plan consists of documents that provide instructions for what happens both during your life and at death. Those documents consist of a Property Power of Attorney, a Healthcare Power of Attorney, the Health Insurance Portability and Accountability Act (“HIPAA”) Authorization, a Will, and typically a Living Trust, also known as a Revocable Trust (a “Trust”). In discussions surrounding the requirements for an Estate Plan, Estate Planning attorneys focus on the specific needs of the intended beneficiaries receiving property, the type and character of the assets, the qualifications of the fiduciaries in charge of making decisions, collecting assets, and making distributions, and the terms that will govern those distributions. Experienced Trusts and Estates practitioners will dig deeper, inquiring about charitable goals, family legacy, and yes, four-legged members of the family. These secondary concerns play an important role in creating a comprehensive Estate Plan, one that will evolve as needs and goals change. When your Estate Planning attorney cares enough to discover all the things that are important to you, then you know that you have found the right one.
Since we began this article talking about pets, let’s focus on the importance of including them in an Estate Plan as well as some of the options that exist for pets. In the best of all worlds, the pets would go to another individual who will love them as much as the original owner(s), even better if the pet bequest includes funds to offset some of the financial burden that goes along with owning a pet. After all, sources indicate that Americans spend a whopping $150 billion on their pets each year, which represents a 90% increase from just over a decade ago. Clearly, pet needs and care have become more prominent to Americans. Unfortunately, the value that one individual places on their pet may not match that of another individual. Further, simply leaving the pet to an individual through a Will or Trust does not guarantee that said individual will keep the pet. The same could be said of the sum of money, even worse, without careful drafting, nothing guarantees that the individual will use the funds for the care of the pet. Enter the “Pet Trust” which helps address those issues.
All fifty states plus the District of Columbia allow for the creation of a Pet Trust, sometimes known as a companion animal trust. It’s important to review a state’s particulars before undertaking the creation of a Pet Trust. The Pet Trust allows the owner to put restrictions on the funds requiring that they be spent on the comfort and care of the pet. In fact, the owner can be as detailed as they like in providing instructions for the pet. It also provides assurances that the pet will continue to receive the level of care provided during life. Pet Trusts might also provide a means to arrange for professional care for the pet. Finally, if a Pet Trust won’t work, there are organizations in many states that will take on the care of a pet provided that the owner includes a sum of money along with the pet. While pets are not an asset, they are an important piece of an Estate Plan and deserve the consideration that we give to any valued member of the family. Thankfully, options exist and have increased in number in the years since I started practicing law.
This year as I hang yet another ornament commemorating a cherished pet on our Christmas tree, I will remember the year that Bruiser ate every last bit of the kids’ candy, most of it chocolate, and smile for a moment. Then I will be glad that he got to go before me because I know how painful a life without our family would have been for him. If you have furry, feathered, or four-legged friends, reach out to a qualified Estate Planning attorney to ensure that you have included appropriate plans for them in your Estate Plan…and give those animals a little extra love today.
