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What Happens to Fido Once I Am Gone?

The love of an animal companion can be a source of joy, laughter, and comfort. They brighten our lives with silly antics and steadfast loyalty. For those with pets there are several important considerations when estate planning.

When pets survive their owners, they are considered part of the decedent’s estate. This means that the executor or administrator of the estate (depending on whether or not there is a will) is charged with their care. While some may attempt to find new homes or a safe shelter for the animals, without thorough planning there are no requirements for the quality of care an animal will receive. Further, there is no guarantee that the placement found by the estate will be a good fit for the animal.

One option to plan for Fido’s future is to include pets in your will. Animals may be bequeathed (given through a will) to another upon your passing. However, you cannot leave money to your pet themselves through a will. This means that the care and cost of care for the animal would fall on the beneficiary who received them. A will can provide a sum of money for the beneficiary who receives the animal, however, they cannot be compelled to use those funds on the pet. It is also smart to include an additional backup beneficiary to receive the pet. This back up may be another person or an institution.

Another, more flexible option is to create a pet trust. It allows money to be set aside to directly care for an animal. A trust may also designate a caretaker, alternate caretaker and a trustee to ensure that the trust is being managed in accordance with its terms and provisions. The terms of the trust can also be used to establish a standard of care for the pet, such as what veterinarian to use, what food and treats they will eat, and what level of exercise they receive. Pet trusts can provide for a variety of circumstances with the ultimate goal of ensuring that your animal companion is well taken care of in the event of your passing.

If you have questions about including your pets in your estate planning, Strause Law Group is happy to assist in any way.