Pet Trust Dos and Don’ts

If you want to show your love for animals through the plans you make for your property after you die, you have the right to do this. Your plans will not work unless you do it within the context of a legally feasible estate plan. Yes, we have all heard endless remixes of the story about the wealthy woman whose estate plan provided $5 million for the care of her Maltese dog Trouble, but our shock reveals our ignorance of the law, much as our shock about the woman who sued McDonald’s after she spilled hot coffee on herself does. Stella Liebeck, the plaintiff in the McDonald’s lawsuit was seated in the passenger seat of a parked car when she opened the coffee cup; she was not driving, and the coffee was so hot that she suffered third-degree burns on her legs. Likewise, Leona Helmsley, the owner of Trouble, made a legally sound choice of establishing a trust to provide for the dog’s care. The trust instrument itemized the dog’s expenses, and Helmsley wisely included a salary for the dog’s caregiver. Pet trusts are not a far-fetched idea, but to ensure that they accomplish their intended purpose, you should create them with the guidance of a Dade City estate planning lawyer.

Do Let Estate Laws Be Your Guide in Establishing a Pet Trust

Your pet cannot be a beneficiary of your will; only humans and legal entities such as trusts and charities can. The best way to set aside money in your estate plan to provide for your pet’s care after you are gone is to establish a trust for that purpose. The trust instrument should indicate how the trustee will spend the money for the animal’s care.

Do Be Realistic About How Much Money the Pet Will Need

The controversy over Leona Helmsley’s pet trust is that she grossly overestimated how much money it would take to provide for Trouble’s care for the rest of the dog’s life. Domestic dogs have a life expectancy of less than 20 years. Even though Trouble continued to live in Helmsley’s mansion where a paid caregiver would spend time with him every day, this did not cost $5 million.

This should not stop you from spending all your money on animals if that is what you want. Just include a provision in your trust that says that, after your pets die, if there is any money remaining in the trust, the trustee should donate it to the local animal shelter or whichever other beneficiary you choose.

Don’t Set Up a Pet Trust If There Is a Simpler Solution

Setting up a trust is not a mysterious ritual for rich people, but it does take time and money. A simpler solution is to let someone inherit your pets, assuming that you are sure the person can afford to take care of them.  You can say, “My daughter Bronwen Bloggins shall inherit my cat Mittens.” Of course, you should only do this if Bronwen has told you that, when the time comes, Mittens can move into her house with her other cats and she will count him in on her orders of Meow Mix and kitty litter.

Contact a Florida Estate Planning Attorney About Pet Trusts

An estate planning attorney can help you establish a trust for the care of your pet.  Contact The Law Office of Laurie R. Chane in Dade City, Florida to discuss your case.

Source:

businessinsider.com/trouble-leona-helmsley-dog-died-2011-6