Most people appreciate the importance of preparing for their own passing or the possibility of becoming incapacitated. By implementing such instruments as powers of attorney and a last will and testament, they can ensure that certain decisions are made and actions are carried out in their absence. But if you own a pet, what would happen upon your death or incapacity? The best way to ensure your best friend receives the care he or she deserves is to create a pet trust. Dogs, cats, and many other types of animals can be protected by these valuable tools, and the experienced Palm Harbor, Tampa, and St. Petersburg estate planning firm of Verras Law can help you draft one.
Why Is It Important to Plan Now?
Life can change in the blink of an eye. You could suddenly die in a tragic accident or wind up hospitalized in a coma. Either way, you will be unable to do anything to care for yourself or your loved ones. This is why Florida law allows individuals to execute various estate planning documents. These instruments ensure that the individual’s family, business, and personal interests will be properly cared for after passing away or losing capacity.
The same can be done with respect to one’s pets. Under Florida law, an individual (known as a settlor) can establish a pet trust to care for a number of animal companions. These include not only cats and dogs but other animals like guinea pigs, horses, hamsters, birds, and more. The goal is to ensure that your pet is properly looked after and provided for in the event you are unable to care for the creature yourself. With the help of an attorney to draft the trust, you can have the confidence that your animal friend will be left in good hands.
How Does A Pet Trust Work?
A pet trust is a legally binding instrument that establishes two vital elements for looking after one’s pets if the person dies or becomes incapacitated: funding and caretaking. Since animals cannot have money left to them, an attorney must draft a pet trust to ensure that a human person is given funds to spend on the pet.
The pet trust should designate two individuals, the trustee and the caretaker. The trustee is the person who manages the funds in the pet trust for the benefit of the pet. This is done by allocating funds to the caretaker, the one who actually ensures that the daily and special needs of the pet are properly addressed. Both the trustee and the caretaker act according to the guidelines and directions that are set forth in the trust by the settlor.
The pet trust can be as detailed as the settlor wants it to be. It can provide instructions and requirements regarding the pet’s healthcare, diet, exercise, veterinarian visits, as well as burial or cremation plans. If the settlor owns more than one pet, the trust can specify that they are to live together. It is possible that the settlor may still be alive, but incapacitated, when the terms of the trust are activated and the caretaker steps in to look after the pet.
It’s important that the pet trust has enough money to provide for the pet’s needs. The funds held in the trust can pay for anything needed to maintain a desired standard of living for the pet. This means that the money can cover:
- Food
- Treats
- Veterinary care
- Recreation
- Toys
- Shelter
- Insurance
- Training
- Grooming
- Boarding
- Travel
The trust is effective for the lifetimes of the pets that are subject to it. After the pets die, any funds remaining in the trust are distributed to chosen beneficiaries. These may be charities if the settlor so decides.
Why Can’t I Use A Will To Care For My Pet?
A last will and testament can make certain important provisions for pets, but having a pet trust is vital to meet the above objectives. Here are a few reasons why:
- Wills are primarily intended to leave estate property to heirs. However, in a will, a pet is considered property. Money cannot be left to property, so a pet trust is needed to ensure funds are available to pay for the pet’s expenses.
- Specific instructions concerning the pet would not be enforceable in a will. If your will leaves your house to someone, the document cannot require that the person who inherits the house will also install a new roof on it. Likewise, since pets are also considered property that would be passed to an heir, the person who inherits the pet would not necessarily care for it in the way you want (for instance, by taking the pet to the vet once a month).
- Wills do not always go into effect right away because they can be contested or tied up in the lengthy and complex process of probate. Your pet cannot wait that long to be fed, walked, and otherwise cared for. Fortunately, trusts bypass probate and go into effect immediately, ensuring that your pet’s needs will be taken care of right away if you die or become incapacitated.
- Wills do not go into effect until the testator (the person who executes it) dies. That means it cannot address the pet’s care if you lose capacity. However, a pet trust can ensure the pet is cared for if you are still alive but lacking the ability to make decisions.
Contact Our Tampa, Palm Harbor, and St. Petersburg Pet Trusts Attorney
We understand how much you love your pet and want what is best for it. We also know that life is complicated, and sometimes people pass away or become incapacitated while their cherished animal friends are still alive. The estate planning team at Verras Law is ready to draft a valid and enforceable trust which will meet the challenge of caring for your pet when you are no longer able to. Connect with our legal team today to get started.