Hello, Patch Pet Lovers!
So you leave money in your will for someone to provide food and medical care for your furry baby… but WHO WILL PROVIDE THAT CARE??? Will they end up in a shelter, living in a cage the remainder of their lives, hoping to be adopted?
Are you a responsible pet parent, having prepared a Pet Trust, appointing an individual who will actually provide a loving, safe home, where your pet will eat their food, have a warm bed to sleep, and always have human companionship and affection once you have died, or if there is a sudden fatality?
How about advanced directives detailing medical care you wish to be administered or not to be; whether your beloved pet should be cremated or buried, and where they should be laid to rest?
It makes me too sad to think about it… oh, WHAT A TERRIBLE EXCUSE FOR ME NOT TO HAVE PREPARED FOR MY PRECIOUS SIMON' AS OF YET!!!
Excerpt from SmartBrief
Pets as heirs: Fido and Fluffy in 9% of pet owners' wills
01/13/2014 | Wall Street Journal (tiered subscription model)
Pet ownership has increased to an all-time high, as 68% of U.S. households had pets in 2012, compared with 62% in 2010, and more owners are making provisions for their pets if they should die, even if only enough to cover veterinary expenses and food.
According to the American Pet Products Association, 9% of cat owners made financial provisions for their pets in their wills in 2012, up from 6% in 2010, and 9% of dog owners also made provisions, up from 5%. While pets are treated as property under law and therefore can't inherit money directly, many pet owners set up pet trusts with money allocated to a designated caretaker -- a move allowed in 46 states.
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More Americans Are Writing Their Pets Into Their Wills
Leaving Thousands of Dollars for the Care of AnimalsBy ANNE TERGESEN January 12, 2014
The number of Americans owning pets is at a record high, and more people are making provisions in their wills to provide for these animals after they're gone.
But to ensure your pet is cared for as you intend, it's important to set up a pet trust—an arrangement that 46 states permit.
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While some—including noted financier Muriel Siebert, who died in August—have left tens of thousands of dollars for the care of a pet, attorneys who specialize in planning for the care of pets say most pet owners allocate only enough to cover necessities like food and veterinary care.
"Pet trusts aren't just for the wealthy," says Frances Carlisle, a trust and estates attorney in New York. For most pet owners, she adds, the goal "is to make sure a plan exists for the care of the animal."
As of 2012, 68% of U.S. households owned pets, up from 62% in 2010. Among cat owners, 9% had made financial provisions in their wills for their animals, up from 6% in 2010, according to the American Pet Products Association, which represents manufacturers of pet food and other products. From 2010 to 2012, the percentage of dog owners making such arrangements rose to 9% from 5%.
"Many people think of their pets as family members and want to make sure they are well provided for," says Bob Vetere, president of the association.
Pet owners aren't allowed to bequeath money directly to their animals. State laws treat animals as property, which means they can't own property themselves. A pet owner wishing to provide for an animal typically leaves money to a designated caretaker—but that person "is under no legal obligation" to keep the pet or to use the money for the animal's benefit, says Ms. Carlisle.
Instead, she says, a better idea is to set up a pet trust. (Her fees for an estate plan, including a will and pet trust, start at $1,000.)
The advantage of a trust is that it is administered by a trustee, who is appointed by the pet owner and is legally obligated to act in the animal's best interest and to ensure the owner's wishes are carried out, says Ms. Carlisle. The trustee pays the pet's bills and oversees the performance of its caretaker. (Trustees can double as caretakers.)
Be sure those you appoint want to perform their duties and name successors just in case, says Rachel Hirschfeld, a New York City attorney whose "pet protection agreement" is available at sites including legalzoom.com for $39.
Designate people or charities to receive any money left after the animal's demise. And give the beneficiaries—along with the trustee, caretaker and successors—a copy of the trust document so each understands your expectations and can monitor the pet's care.
Pet trusts can take effect either after you die or while you're alive. The latter provides for care of the pet in the event you suffer an accident or illness that leaves you unable to take care of your animal.
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Helping to keep beloved furry babies healthy and safe... and pet parents informed!
Lori
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