When it comes to preparing a will or trust, most people focus on who will look after their children, but what about their pets?
“Caring for a pet in an estate is like setting up arrangements for a minor child,” explains Dan Gasink, an attorney with the law firm Johnson, Gasink, and Baxter, LLP. The Williamsburg-based law practice handles cases involving trusts, estates, and elder law.
“We set up pet trusts about once per month,” Gasink shares. “The most common pets are dogs and cats, but I have set them up for horses, who have a long life expectancy and a high care cost, and even ducks and rabbits.”
What needs to be considered when drawing up a will or trust for your pet is where you want your pet to live and who you want to care for it as well as money for support.
“Pets have owners, not guardians, so you can designate the new owner of the pet in a will,” says Gasink. “Domestic animals have the legal standing of livestock-they are chattels (from the middle English word for cattle) in the same way personal effects or artwork are chattels.”
The first step is to decide who will care for your pet. While each state’s laws are different regarding pet wills and trusts, it is a good idea to set one up so that you can be assured that your wishes for your furry friend are carried out.
“A trust can be very specific,” shares Kim Bressant-Kibwe, an attorney with ASPCA, on the animal protection organization’s website. “For example, if your cat only likes a particular brand of food or your dog looks forward to daily romps in the park, this can be specified in a trust agreement. If you want your pet to visit the veterinarian four times a year, this can also be included.”
Money is also a factor that needs to be addressed.
“Pets can be expensive, and so people will give a sum of money to provide for the pet,” says Gasink. “If the sum is modest, the gift will be ‘outright’ with no strings attached. We often see a gift of one thousand to five thousand dollars per pet to provide for its care after the death of the owner.”
Trusts are typically drawn up when a larger amount of cash is involved, anything more than $50,000.
“A pet trust is an arrangement by which a trustee, which could be a person or a trust company, is charged with managing and investing a sum of money for the benefit of one or more animals,” says Gasink. “Each trust will have a remainder provision, which states what happens to funds left over after the death of the last pet. This can be a family member, friend, or a charity.”
If there is no one available to look after your pet, you may consider willing your pet to an animal shelter.
“For some pets, particularly cats that need their own space, some folks will give the cat to a ‘no-kill’ shelter, such as the Best Friends sanctuary in Utah or Tabby’s Place in New Jersey,” says Gasink.
“The facility agrees to care for the cat for its lifetime and the owner or decedent pays a one-time fee [around $15,000].”