“If you don’t provide for your pet in your will, your animal could be treated as “property” under the will,” petmd.com reminds animal owners. As estate planning attorneys in Indiana, we’re all too aware of the unfortunate future that awaits many pets. With only a minority of Americans having an estate plan to begin with, many have not seriously considered what would happen to their pets if something were to happen to them.
We realize at Geyer Law that estate planning work is all about helping clients provide for those who have been important in their lives. Quite often, that list includes their beloved pets. While pets cannot become actual heirs, a pet owners’ planning should include designating a caretaker for when that owner becomes seriously ill or dies, and making sure that funding is provided in the form of a bequest or a pet trust. Clients might also choose to bequeath pets to nonprofit sanctuaries.
For responsible pet owners, there’s certainly much to consider. “You can’t leave your pets money, but you can still give them a good life,” Betsy Simmons Hannibal writes in nolo.com, summing up pet owners’ options as:
- making simple, non-legal arrangements with a family member or friend
- creating a trust or leaving a bequest of money and a caretaker for the pet
- leaving the pet to an organization dedicated to pet care:
At Geyer Law, we remind clients of two very practical aspects of planning for pets:
- Include the micro-chipunique ID number when referring to the pet if available
- make a list of Individuals (with contact information for each) who are to named
in the planning documents, including:
- the caretaker
- a trustee to distribute money to the caretaker as needed for the pet
- the veterinarian to monitor the pet’s medical care
In deciding how much money should be assigned to a pet trust, we explain to owners several things which are important to consider:
- What type of animal is it? (Obviously, providing for horses will be different from providing for dogs or cats)
- What is the life expectancy of that type of animal?
- What “standard of living” do you envision for your pet?
- What will happen if the caretaker needs to be out of town or falls ill?
Will your pet be named as property or (albeit indirectly) as an “heir”?
– by Kristina Shover, Associate Attorney at Rebecca W. Geyer & Associates
“If you don’t provide for your pet in your will, your animal could be treated as “property” under the will,” petmd.com reminds animal owners. As estate planning attorneys in Indiana, we’re all too aware of the unfortunate future that awaits many pets. With only a minority of Americans having an estate plan to begin with, many have not seriously considered what would happen to their pets if something were to happen to them.
https://www.petmd.com/dog/care/estate-planning-pets-why-you-should-do-it
We realize at Geyer Lawthat estate planning work is all about helping clients provide for those who have been important in their lives. Quite often, that list includes their beloved pets. While pets cannot become actual heirs, a pet owners’ planning should include designating a caretaker for when that owner becomes seriously ill or dies, and making sure that funding is provided in the form of a bequest or a pet trust. Clients might also choose to bequeath pets to nonprofit sanctuaries.
https://www.rgeyerlaw.com/blog/2018/04/contingency-estate-planning-for-pets/
For responsible pet owners, there’s certainly much to consider. “You can’t leave your pets money, but you can still give them a good life,” Betsy Simmons Hannibal writes in nolo.com, summing up pet owners’ options as:
making simple, non-legal arrangements with a family member or friend
creating a trust or leaving a bequest of money and a caretaker for the pet
leaving the pet to an organization dedicated to pet care:
https://www.nolo.com/legal-encyclopedia/estate-planning-pets.html
At Geyer Law, we remind clients of two very practical aspects of planning for pets:
Include the micro-chipunique ID number when referring to the pet if available
make a list of Individuals (with contact information for each) who are to named
in the planning documents, including:
the caretaker
a trustee to distribute money to the caretaker as needed for the pet
the veterinarian to monitor the pet’s medical care
In deciding how much money should be assigned to a pet trust, we explain to owners several things which are important to consider:
* What type of animal is it? (Obviously, providing for horses will be different from providing for dogs or cats)
* What is the life expectancy of that type of animal?
* What “standard of living” do you envision for your pet?
* What will happen if the caretaker needs to be out of town or falls ill?
Will your pet be named as property or (albeit indirectly) as an “heir”?
– by Kristina Shover, Associate Attorney at Rebecca W. Geyer & Associates
