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A Trust Fund For Your Pet
A Trust Fund For Your Pet
Who will take care of your pet should you pass away? Learn
about estate planning and trust funds for your pet.
by Laurie Zoock
September 13, 2004
What happens to your kids and pets in the unlikely event
you and your spouse are killed in an accident? Hopefully,
you have already had a will or trust fund drawn up for your
kids. If not, the State will decide who gets what percentage
of any remaining assets after your debts are paid off. What
then will happen to your pets?
Did you know (unfortunately) that pets are regarded as property
in most states, and that you cannot leave money to property?
So what can you do to make sure your pets are provided for?
You can set up a revocable living trust where your pets are
provided for by a specific person and a specific amount of
money. This type of trust serves the same purpose as a will,
but avoids probate after your death.
First, do you know any specific family or friends that would
be willing to take your pets and be willing to be named officially
in a trust? My husband and I have two friends who volunteered
to take my Great Dane, "Duke," in the event something tragic
were to happen to us. In the event neither of them could care
for Duke, the Mid-Atlantic Great Dane Rescue League agreed
to be named to take care of him until a new home could be
found for him.
Second, since you cannot leave money to a pet, you will need
to state that a specific amount of money be left to a specific
person to care for your pet. You can leave that money to the
person that you plan to leave your pet to, or to a different
person to "dole out" the money as needed. You can also state
that if the first person is unable to care for the pet, the
remainder of the money goes with the pet to the next person
on the list. This is difficult to enforce legally, so hopefully
you have selected people you trust that will enforce your
wishes. Talk to your lawyer about this.
If you need more ideas, order a copy of "Providing for your
Pets," by the NYC Bar Association's Office of Communications,
42 W. 44th St., NY, NY 10036-6690, 212-382-6695, or go to
www.abcny.org and look
under "Publications."
You can also purchase a "Wills and Trust Funds" CD-ROM and
do it yourself, just make sure you have all copies notarized.
Third, what if you're in an accident and hospitalized, is
there anyone who knows that you have pets? How much time would
pass before someone realized that? (Think about Sept. 11th.)
Carry a card in your wallet stating what animals you have,
and put the name, address, and phone number of the temporary
caretaker on it. Let that caretaker know in advance who the
vet is, what food the pet eats, what medications it's on,
etc so it's not a surprise. That caretaker should have a key
to your house.
You should also make sure that you provide a copy of your
trust to the Executor of your estate and to the person(s)
to whom you have left your pet and your money. This person
should also have a key to your home in the event of an emergency.
One last thing - my husband and I have our work and cell
numbers and pager numbers as well as emergency contacts (friends
who have house keys) and the vet's number listed on a laminated
sheet on Duke's crate. If anything happened to us we want
him to be taken care of for the rest of his life. He is our
"only child," and we love him very much. Don't wait until
it's too late, do something now!
- Laurie Zoock
Laurie Zoock is the Director of Public Relations for
the Mid-Atlantic Great Dane Rescue League (MAGDRL). MAGDRL
was organized in 1979 to help homeless Great Danes, and
is a non-profit 501(c)(3) charitable organization. For more
information, or to adopt a Great Dane, visit them at: http://www.magdrl.org/
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