Articles by  Alice Reiter Feld

PET TRUSTS

Many of us enjoy the companionship of pets. In fact, according to a 2002 survey by the American Pet Products Manufacturers Association, 62 percent of American households include pets. Increasingly, these households are senior citizens. These animals don't ask for much——just a short list of basics such as food, shelter, veterinary care, and, of course, our companionship.  Although pets are technically “property”, no one would argue that they are very different from the “things” which we most likely think of as property.  This “property” is, after all, a member of the family!

Because pets have become such an integral part of our lives and families, it is not surprising that many people, especially seniors,  want to or need to provide for their pets after their demise. After all, what happens if the beloved pet survives them?   This can be a difficult problem for pet owners. In 2002, the Florida legislature came to the pet owner’s rescue!  In concert with many other states, Florida enacted Florida Statute Section 737.116.  It provides that a trust may be created to provide for the care of an animal alive during the owner’s lifetime.  These trusts hold funds for the pet which is made available to an individual or organization promising to care for the pet. 

Some considerations in establishing the Pet Trust:

• How much money should be set aside.  Consider the life expectancy of the pet and any special needs that animal has.

• Who do we choose to care for the pet and to make the financial distributions?  In some cases this can be one person but often it can be separate people or organizations.  As with all trusts, the choice of trustee (person in charge of managing and disbursing the funds) must be carefully considered.

• What kind of care does my pet need?  Outline for the care giver the lifestyle of the pet.

• Do you want to provide for euthanasia?  This is a difficult question but which should be addressed.  Be specific as to what conditions would warrant this. 

• How do we provide for continuity of care.   What happens if your caregiver and/or trustee is unable to serve?  It is a good idea to name a backup.

• Who will inherit any money remaining after the pet deceases?

When I do a pet trust, I usually recommend that the owner have an accompanying letter prepared giving detailed instructions and desires regarding the long term care of the pet.  This should also be accompanied by a conversation with the prospective care giver and trustee.

Obviously a pet trust may not necessary where there are other family members who can provide continuity of care. But as we age or if we live alone, providing for our beloved pets may be an important part of an estate plan. 

No matter what we give our pets, they offer far more in return, teaching us about love, improving our emotional and physical health, and providing us with unconditional affection and friendship.  We can now provide for them in care of our demise.

(Dedicated to Tigger, Splash, Candy and Emily)