Posted On: SEPTEMBER 2024
You haven’t made arrangements for your pets
If you have pets, you likely think of them as cherished family members. In the eyes of the law, however, pets are property. Unless you arrangefor their care and maintenance after your death, they’ll go to the residuary beneficiary in your will. If you don’t have a will, they’ll be transferred according to the laws of intestate succession which are unique to each state.
You don’t necessarily need a legal document to provide for your pets. If you’ve made informal arrangements with a family member to take care of them when you die — and you don’t expect anyone else to claim them — that may be sufficient. Be sure to let your executor know about your plans.
However, for greater assurances that your wishes will be carried out, you may want to consider leaving your pets to one or more trusted caretakers in your will. Although you can’t use your will to leave money or other property to your pets, you can provide funds to their caretakers to cover expenses. But keep in mind that they’ll have no legal obligation to use the money for your pets, so choose cautiously.
You might also consider establishing a pet trust. It’s legal in all 50 states plus Washington, D.C. These trusts come at a cost, but they offer several advantages over other arrangements. For example, they allow you to leave money that the named caretaker is required to use for your pets, to provide specific instructions on how your pets should be cared for, and to provide for the care of your pets during your life in the event you’re unable to do so. Plus, if necessary, your representative can go to court to enforce the terms of the trust.
If you don’t have a trusted caretaker in mind, another option is to leave your pets to an animal sanctuary or rescue organization with a program designed for this purpose.
© 2024