There are a lot of details that need to be addressed when you are preparing for all the eventualities of aging. And of course preparing your assets to be passed along to your loved ones is one of the core objectives.

But if you want to be comprehensively prepared you also have to consider contingencies that you may face as you reach an advanced age, such as the possibility of a stay in a long-term care facility. You also want to name representatives to act in your behalf should you become unable to do so at some point in time.

Because there’s so much to take into account it would be easy to let some things fall through the cracks. This is one of the reasons why it is advisable to retain the services of an experienced elder law attorney when you are planning for the future. These dedicated professionals are tightly focused on matters of interest to senior citizens and they will make sure that you do not overlook anything.

One of the things that your estate planning attorney will remind you about will be making preparations for the care of your pet or pets after you pass away. You first must identify a ready and willing caretaker, and most people have a family number or friend who already knows the pet who would be a good candidate.

Once you know who will be taking care of the pet you need to provide the financial resources that the new owner will need to take care of your fine furry friend. One way would be to give the caretaker a direct bequest earmarked for pet expenses. Another option would be to create a pet trust to provide for the animal financially.

If you have not made provisions for your pet, now would be a good time to contact an estate planning attorney to get the appropriate documents in place.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

American families and individuals have a lot of pets.  In fact, a recent survey finds there are about 165 million cats and dogs in the U.S.!

Pets tend to become part of the family.  The elderly in particular value their pets, especially if the elder is single.  Many elders wonder what will happen to their pet should the elder pass away.

It’s not uncommon for a pet owner to ask someone if they can look after their pet should they not be able to, or should they pass away.  These informal arrangements seem fine in the beginning but in many cases no arrangements or agreements are in place to cover things such as grooming and exercise, what kind of food the pet is to be given, or what kind of medical care the pet is to receive should it become mildly or severely ill, or injured.

Over the past few decades more and more estate planners have been asked by their clients, “What can I do to make sure that my pet is looked after?”  For a long time there have been documents such as an “honorary trust” for pet care, but those arrangements are more a leap of faith rather than a legal Estate Planning tool.

Now, there actually are legally-binding Living Trusts for pets – something that seemed unusual, maybe even absurd, just a short time ago.

A Living Trust takes effect when it is drafted, so if the trustor becomes disabled or incapacitated the beneficiary of the trust (the one designated to look after the pet) will have specific arrangements, instructions and funds for the care of the pet.  A trustee appointed by the trustor will provide funds out of the trust and will oversee the care given by the beneficiary.  Such “traditional” trusts are honored in all states in the U.S.

There is also a “statutory trust” that is allowed in all but four states whereby state law dictates how the pet trust is to be carried out.  These are less expensive to set up that a Living Trust.

The important things to remember when it comes to a pet trust are:

• Talk to the people you are thinking of appointing as the beneficiary and the trustee to make sure they truly want to, and can, help you out.
• Leave detailed instructions as to the regular care of your pet such as their daily routine, food, exercise, visits by family members, etc.
• Leave instructions regarding emergency care, medical issues and the like.

Remember too that a Living Trust for your pet should be drafted by an attorney who is trained in Estate Planning.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

It may surprise you, but there is estate planning for pets. But, Rover, Fluffy, and Fido need your help. They all need someone to care for them should you be hospitalized, become disabled, or die. If you have questions about estate planning for pets, consult with a qualified estate planning attorney.

Estate planning pets considerations:

• Florida has statutory pet trusts. This means that you can include a simple pet trust clause in your revocable living trust and the statute (i.e. Florida’s written laws) will fill in the terms of the pet trust.

• Or, if you’d like to include specific instructions as to how you’d like your pet to be cared for, you can create a traditional pet trust.

Stand alone pet trusts include:

• Trustee (and successor trustee) to legally hold title to trust assets and oversee trust operation
• Caretaker (and successor caretaker) to take care of Fido
• Veterinarian information
• Food, exercise and play habits
• Caretaker and trustee compensation

Choosing a caretaker

Your disability or death is sure to be traumatic for your pet, regardless of your careful preparations. To lessen the trauma, choose a trustee who already has a great relationship with your pet.

Also consider caretakers who already have pets, but have room for your pets, and who are not allergic to your pet.

Alternative to naming a caretaker

If you don’t have a family member or friend to serve as a caretaker, animal shelters often have programs to take care of pets until a new owner can be found. They often require a sizeable donation, but can provide peace of mind.

If you have questions about estate planning for pets, consult with a qualified estate planning attorney.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.