Your Estate Plan Can Protect Your Pets, Too
Most people can agree that pets are not just animals. They are members of the family. If you own a pet, you may have wondered about what would happen to them if you were not able to provide their care. You may have even asked a family member or close friend to take the pet if you were unable to meet their needs.
Verbal conversations, though, do not create a legal obligation, nor do they ensure that there are funds set aside for their care. Below, one of our St. Petersburg trust planning attorneys explains how to include your pet in your plan.
Florida Law Allows for the Care of an Animal
The Florida Statutes specifically allow people to establish a trust specifically for the care of pets. This requires more than simply leaving money to someone and hoping that they will use it for its intended purpose. Drafting a trust creates legal accountability.
To establish a pet trust, you name a caretaker who will physically care for the animal. You must also designate a trustee, which is the person who will manage the funds in the trust and ensure they are used appropriately. If you have multiple pets, you do not have to create a separate trust for each one. You can include all pets in the trust and the instructions will remain in effect until the last pet passes away. Any remaining money will then be distributed according to the terms of your estate plan.
What to Include in Your Trust
A pet trust can be a very effective tool, but they do have limitations. The courts in Florida can reduce the amount in a trust if they believe it is excessive. For example, if you left $1 million for the care of your hamster, the courts would likely reduce the amount. The funds should be based on the actual costs of caring for the pet and the animal’s expected lifespan.
The trust should also include specific instructions about your pet’s care. Consider any behavioral issues, their exercise needs, any medication they take as well as the schedule, and if they have specific dietary requirements. It is also recommended that you name a contingency caretaker in case your first choice is unable to fill the role.
Why a Will is Not Enough
Many people think including their pet in their will is enough, but it is not. Wills have to go through probate, which is a long legal process. Your pet will need immediate care. Wills also do not provide any enforcement measures. For instance, if you leave money in your will for the care of your pet, the caretaker may use it for other purposes.
Our Trust Planning Attorneys in St. Petersburg Can Draft Your Document
At Legacy Protection Lawyers, LLP, our St. Petersburg trust planning attorneys can review your needs and draft a document that is legally enforceable so you can have peace of mind. Call us now at 727-471-5868 or fill out our online form to schedule a consultation with one of our experienced attorneys.
Source:
flsenate.gov/Laws/Statutes/2012/736.0408
