Because you can’t leave money to your pet directly, your first thought might be to leave your pet and money for its care to someone you trust through your will instead. While this is an option, it’s not guaranteed to work. That’s because the person you name as the beneficiary of your pet in your will has no legal obligation to use the funds you leave for your pet’s care for that purpose. Even if you leave detailed instructions for your pet’s care, there is no law holding the beneficiary to accept the responsibility of caring for your pet or stopping them from changing their mind in the future after the court probate process is finished.
You might be thinking that the person you’d leave your pet to loves them and would never think of abandoning them. But even if this person is committed to caring for your pet, it’s simply impossible to predict what circumstances might occur in the future that could make it impossible for them to provide for your pet for your pet’s full lifetime.
For example, when you die, the new caregiver might:
● Live in an apartment or condo that doesn’t allow pets
● Suffer from an unforeseen illness that makes it difficult to care for your pet
● Have an allergy to your pet you knew nothing about
● Become so busy with work or family that they just don’t have the time to make a lifelong commitment to your pet’s care
A Will Isn’t Fast Enough
The other issue a will creates for your pet is that a will is required by law to go through the court process known as probate before any of your property can be distributed to the people you’ve named, and of course, it only operates in the event of your death, not your incapacity.
The probate process itself can take months or even years to complete. During that time, your pet could be passed around between family members and friends, who may even argue over who should care for it. In the worst-case scenario, no one may even think to check in on your pet regularly while the court process is unfolding.
Plus, a will only goes into effect upon your death, so if you’re incapacitated by accident or illness, it would do nothing to protect your companion. This leaves your pet in limbo and vulnerable to being rehomed to someone you wouldn’t have chosen or wanted to care for your pet. In the worst scenario, your pet could be surrendered to a shelter by the time everything gets figured out.
Provide Long-Lasting Care for Your Pet Through a Pet Trust
In order to be completely confident that your pet is properly taken care of and that the money you leave for its care is used exactly as intended, ask us to help you create a pet trust.
By creating a pet trust, you can lay out detailed, legally binding rules for how your pet’s chosen caregiver (the trustee) can use the funds you leave for your furry friend. And unlike a will, a pet trust doesn’t go through probate, so it goes into effect immediately in the event you become incapacitated or pass away, whereas a will requires the court process called probate to take place before any decisions can officially be made about your pet.
Additionally, in a pet trust, you can name backup trustees who will receive your pet and any funds left for them if the first person you chose as trustee declines to take your pet or isn’t able to care for them in the future. To add even more certainty to your pet’s future, you can name multiple trustees for your pet. In this way, you’d have two people invested in the care of your pet who can see that the money you leave for its care is used wisely.
Finally, all of the care decisions and financial distributions for the care of your pet will happen in the privacy of our office, in the event of your death or incapacity. We’ll guide your decision-makers about how and why you made your decisions, and how they need to care for your pet to receive distributions. You’ll literally have a lawyer ensuring the care of your pet happens as you would want it. And, while that may seem excessive for some, we have many clients who care that much about the well-being of their pets and want to ensure their care is handled as they want.
Do Right By Your Pet
We can help you create a legally binding pet trust that outlines detailed rules for how your pet’s chosen caregiver can use the funds you leave for their care. Unlike a will, a pet trust doesn’t go through probate, which means it goes into effect immediately if you become incapacitated or pass away. Contact us today to schedule a consultation and ensure you’re doing right by your pet.
AB Law, PLLC is a full-service business law and estate planning firm that serves clients throughout Texas. All consultations are free and no question is too silly, ridiculous, or complex. https://calendly.com/ablawpllc www.ab-firm.com