How to Include Your Family Pet in Your Estate Plan

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How to Include Your Family Pet in Your Estate
Plan
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Pet Ownership in America
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In 2012, 62 percent of all American household
owned at least one pet Americans own about 83
million dogs and 95 million cats
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Americans own approximately 140 million
freshwater fish and 10 million saltwater fish
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Americans own 16 million birds, 11 million
reptiles, and another 18 million small pets
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We own an average of 1.47 dogs and 2.11 cats per
household in America
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One in five dog owners takes the dog along when
traveling
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Five percent of cat owners and ten percent of
dog owners host birthday parties for their pet
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Dog and cat owners spend an average of between
200-250 each year for routine veterinary visits
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What Happens without a Plan?
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If your pet is not included in your estate plan
the consequences could be dire
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Each year over half a million animals are
abandoned in the U.S. because of the death or
incapacity of the pets owner
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Much like you would do for a minor child,
specific plans must be created to ensure that
your pet isnt left without a caretaker and the
funds to provide that care
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Informal Planning
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People often make the mistake of relying on an
informal plan, such as a verbal agreement or a
mention in a Letter of Instructions, for their pet
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Reasons why informal planning often fails
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Reasons why informal planning often fails
Not legally binding
Incapacity isnt covered
No funding source
Caretaker unavailable/unwilling
Likelihood of confusion
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Gifting in Your Will
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The law considers your pet to be your legal
property
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Therefore, your pet can be bequeathed to someone
in your Last Will and Testament
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While this does provide for the legal transfer of
ownership, significant disadvantages remain,
including
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While this does provide for the legal transfer of
ownership, significant disadvantages remain,
including
Does not cover incapacity
Caregiver may be unavailable
No continuing control over assets once gifted
No continuing control over pets care once gifted
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Creating a Pet Trust
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To ensure that your pet is well cared for under
any circumstances that could arise down the road
a pet trust provides the best of all worlds
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Consider some of the many benefits a pet trust
provides
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Consider some of the many benefits a pet trust
provides
Continued control a trust allows you to exert
control over both your assets and your pet long
after your incapacity or death. By creating
specific trust terms you can control as much, or
as little, of your pets life as you wish. The
trust terms, along with the trustee you choose,
will also allow continued control over the assets
transferred into the trust.
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Consider some of the many benefits a pet trust
provides
Legally binding a trust is a separate legal
entity once it takes effect. The terms of a trust
are enforceable in a court of law should it
become necessary to do so.
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Consider some of the many benefits a pet trust
provides
Contemplates incapacity a pet trust is the only
option that contemplates your incapacity. Your
trust terms can cause the trust to take effect
upon your incapacity as well as your death.
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Consider some of the many benefits a pet trust
provides
Covers contingencies you have the ability to
name both successor trustees and successor
caretakers should something happen to one or the
other.
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Learn More About Pet Planning in Portland Oregon
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Learn More About Pet Planning in Portland Oregon