You may never have asked yourself what would happen to your beloved pet when you do, in fact, pass. Many of us don’t think that our pets will outlive us, but it happens all too often. So how can you plan for the care of your loyal companion when you pass?
Choose Wisely
Be careful when choosing a caretaker for your pet. You may not choose the dog whisperer but you’ll want to come pretty close. The person you designate as your backup, should you die before your pet does, needs to be good at loving your pet as you would. Be sure to choose an alternate caregiver as your first choice may not be available if and when the time comes for your pet to find a new home in your absence. Before making it official, talk with your designated caregiver and alternates to assure they are willing to take on the responsibility of your pet.
Put It in Writing
Once you’ve made your choice for a loving caretaker for your pet, get it down on paper and have an attorney draft up a will for you or make revisions to your current will to include pet provisions. Be sure to name who will be the caregiver of your pet and any alternates you’ve chosen. Make it clear what the stipulations are for the alternate to take over should the first caregiver not be available. Making advance arrangements for pet provisions is also important. This would involve putting a plan in place for your pet or pets to be taken care of by someone during the period of time between your death and the admission or executing of the will through to probate.
Another great idea is to carry an emergency plan in your wallet outlining what should happen to your pet in case of an emergency.
Your Pet as Beneficiary?
A pet trust can be included in your estate planning allowing you to make legal arrangements for your pet’s care in case of your death. While laws in all fifty states declare that a pet owner cannot leave any part of an estate to an animal, under most state laws- including Florida-your pet can be the beneficiary of a pet trust you create. A trustee is named to manage the trust and use the earmarked funds to care of your pet. This ensures your wishes are followed and the money you provide for the care of your pet is used for the expressed desire to care for your pet. The named trustee may be different than your chosen caretaker. Pet trusts can be enforced in the courts. Don’t forget to update the trust when necessary.
Most states, under pet trust laws, allow the financial care of pets to continue for the life of the pet or 21 years, whichever comes first. Some states don’t use the 21 year limitation as some pets live for many decades, and many states have recognized this fact.
Choosing the best care for your pet can help alleviate anxiety, giving you full control over what should happen to Fido should you die before him. With proper planning and preparation, your four-legged, winged, or shell-covered friend will have the best home possible in your absence.
About Caldwell Trust Company
Caldwell Trust Company is an independent trust company with offices in Venice and Sarasota, Florida. Established in 1993, the firm currently manages over $800 million in assets for clients throughout the United States. The company offers a full range of fiduciary services to individuals, including services as trustee, custodian, investment adviser, financial manager and personal representative. Additionally, Caldwell manages 401(k) and 403(b) qualified retirement plans for employers.
