Should you include pets in a will? Pet trusts can help plan for your dog or cat's future
If something happens to you, what happens to your dog or cat? Pet trusts can protect your furry friends.
This column was originally published July 15, 2023.
Creating an estate plan to leave assets to loved ones is something that many people do every day. But what if your loved ones are your pets?
Tampa resident Nancy Sauer, 84, passed away leaving her $2.5-million-dollar home and remaining estate to her seven Persian cats. Nancy wanted to do what she could to create a plan that would allow her cats to continue to live with one another and be cared for. After her passing in November 2022, the seven cats spent six months in her home, taken care of by someone who stopped by the house a few times daily.
While this may have worked temporarily, a Hillsborough County judge felt that they should be rehomed to receive proper care. The cats are now in the custody of the Humane Society of Tampa and are awaiting adoption. The cats’ names are Cleopatra, Goldfinger, Leo, Midnight, Napoleon, Snowball, and Squeaky. The Humane Society of Tampa will do their best to honor the wishes of the late Nancy Sauer when rehoming her cats. Once the cats are rehomed, each new family will have access to the inheritance left to cover the cost of living for each cat; this includes vet bills, grooming, and food.
While many pet owners may feel leaving a mansion and large inheritance to their pet is unnecessary, some may still want to ensure their pets are cared for after they pass. Luckily for those people, there are options available to choose from.
If an owner is set on leaving assets (either monetary or physical) to their beloved pet, a pet trust can be the best option. Florida Statute 736.0408 makes this type of trust possible by outlining the rules when creating a pet trust. An owner can choose a guardian for the pet, add money into the trust for the continued care of a pet, and leave instructions on how the pet should be cared for. This type of trust can only include animals that are alive during an owner’s lifetime, so any offspring of your pets will not be covered, and the trust will be terminated when the last pet included dies.
How do you set up a pet trust?
Some tips to think about while creating a Pet Trust:
- Assess how much money your pet needs. You should plan to cover all vet bills, grooming, and food. By determining how much your pet will need after you pass, it will help ensure other heirs or beneficiaries do not contest.
- Instructions for care of a pet. By outlining a basic daily schedule, it will ensure a smooth transition of the pet being in your care to someone else. This is also a suitable place to detail the pet’s personality for the guardian.
- “Last Resort” guardian. While choosing family or a friend may be the preferred option for many pet owners, it is a good idea to add a pet rescue or foundation for worst case scenarios. This will give you peace of mind that your pet will be cared for no matter the circumstances.
Another option for an owner is leaving their pet to a trusted individual in a will or living trust. Although it may be the easiest way to leave a pet to another person, this person will have no legal obligation to care for the pet or spend money left behind on the pet. The person chosen, with this intention in mind, must be a very trusted individual if an owner wants to ensure the care of a pet.
The final option available for pet owners is researching charitable programs that will either care for or rehome the pet. Depending on the needs of your pet or charity chosen, a donation may be required. This option is great to continue the care of a pet without designating a an individuals as a guardian or leaving assets. Generally, a local humane society, such as the Brevard Humane Society, is a great place to start when looking into where to leave your pet.
Whether you are only considering, or you have decided that you want to create an estate plan that includes your beloved pet, contact a trusted estate planning attorney to receive all the information you will need to start this process.
Stephen J. Lacey, JD, LLM, is a member of the law firm Lacey Lyons Rezanka in Brevard County, Florida. His practice areas focus on estate planning and probate. This column was first published in Florida Today.