The Petrosewicz Law Firm Estate Planning Blog

You Can Protect Pets after You’re Gone

Many of us consider our pets members of the family, but the law does not. In Arizona, pets are considered property, reports the East Valley Tribune in the article “Trusts can help provide for a pet’s future.” That means you can’t leave them your house, or open a bank account in their name.

However, you can take measures to protect your pets from what could happen to them after you pass away.

The simple thing to do is to make arrangements with a trusted family member or friend to take care of your pet, and leave some money for their care. The problem is, there’s no way to enforce this, and it’s all based on trust. What happens if something unexpected happens to your trusted family member or friend, and they can’t care for your pet?

You’ve also given them funds that they are not legally required to spend on your pet.

Another choice is to leave your pet to a no-kill animal shelter. However, shelters, even no-kill shelters, can be stressful for animals who are used to a family home. There’s also no way to know when your pet will be adopted, since most people come to shelters to adopt puppies and kittens. There is also the issue of the shelter. Will it continue to operate after you are gone?

The best way that many people care for their pets, is by having a pet trust created. An estate planning attorney in your state will know if your state is among the many that allow a pet trust to be created to benefit your pet.

Start by naming a guardian for your pets, including instructions on whether your pets should be kept together. If you are not sure about a guardian, name additional guardians, in case one does not wish to serve. Then determine how much money you need to leave for the pet’s care. This will depend upon the animal’s age, health and life expectancy. There will need to be adequate funding for any medical issues. The trust can specify whether you want your pet to undergo expensive surgeries or whether they should be kept comfortable at any cost.

You’ll want to make sure to name a guardian who you are confident will care for your pet or pets in the same manner as you would.

A pet trust will require you to name a trustee, who will be in charge of disbursing the funds as they are needed and can also check on the pet to be sure they are well, and your instructions are being followed. The money in the trust must only be used by the person for the care of the pets.

A pet trust will give you the peace of mind of knowing that your beloved companion animals are being cared for, even when you are not here to care for them. Speak with an estate planning attorney to learn how to make a pet trust part of your overall estate plan.

The Petrosewicz Law Firm can assist you with your estate planning and trust needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: East Valley Tribune (Oct. 14, 2019) “Trusts can help provide for a pet’s future”

Protect Your Pets After You’re Gone

Currently, 67% of American households own at least one pet, and many people now consider long-term planning for them just as important as they would for two-legged family members, says The Atlanta Journal Constitution in the article “When you’re gone, what happens to your pets?”

If you think about it, our animal companions are completely vulnerable. They can’t take care of themselves. If something happens to their owners, it is possible that they could be taken to a shelter and euthanized. If you don’t want to be kept up at night worrying about this, a pet trust should be part of your conversation with an estate planning attorney.

Pets are viewed as valued members of the family in many homes. They provide companionship, and there have been studies showing that their presence helps to reduce stress. They often sleep in the same bed as their owners and go on vacations with their human family.

A 2018 Realtor.com survey found that 79% of millennials who purchased a home, said that they would pass on a home, no matter how perfect, if it did not meet the needs of their pets.

How can you protect your pets?

Understand that pets are considered property and have no legal rights. It’s entirely up to their owners to plan for their care. Some questions to consider:

• What’s the difference between a pet trust and a will?
• Do pet trust laws vary by state?
• Is a trust independent from a will?
• What happens to any funds left over, when the pet dies?
• Can you tap 401(k) or other retirement funds to care for a pet?

To begin, look at the life expectancy of each pet and factor the average vet bill, food bill and any additional money in case of an emergency. The ASPCA says that the annual cost to care for a dog is between $737 to $1,404. Caring for a cat averages about $800. Of course, caring for cats or dogs depends upon the age, breed, weight and whether the animal has any medical needs. Some pets can live a very long time, like horses, and certain birds can live more than seventy years.

Next, identify caregivers who will commit to caring for your pets. You should then talk with your estate planning attorney. If you rely on an informal plan, your pet may be out of luck, if something happens to the caregivers, or if they have a change of heart.

A pet trust allows you to leave money to a loved one or friend to care for the pet in a trust that is legally binding. That means the money must be used for the pet’s care. It can be very specific, including how often the pet should go to the vet and what its standard of living should be. The executor or lawyer could go to court to enforce the contract.

Typically, the trustee holds property “in trust” for the benefit of the pet. Payments to a designated caregiver are made on a regular basis. The trust, depending upon the state in which it is established, continues for the life of the pet or 21 years, whichever comes first. Some states allow the pet trusts to continue beyond 21 years.

Speak with your estate planning attorney about protecting your pet. You’ll feel better knowing that you’ve put a plan into place for your beloved furry friends.

The Petrosewicz Law Firm can assist you with planning for your pets.  Contact us today at (281) 344-9455 or [email protected]. 

Reference: The Atlanta Journal Constitution (September 24, 2019) “When you’re gone, what happens to your pets?”

Should Pets Be Part of Your Estate Plan?

Most of us don’t have the luxury (or the need) to leave our pets $12 million, but to make sure that our pets are cared for, having a legally enforceable trust for a pet, can provide peace of mind. That is part of the answer to the question posed by the Times Herald-Record in the article “Who’ll care for your pets when you’re gone?”

A will is a document used in a court proceeding called probate, if you die with assets that are only in your name. When the will goes through probate, it becomes a public document. A trust, on the other hand, is a document that does not become part of the public record, unless it was created under a will. Some people use trusts for their beloved pets, to pay for their care and maintain their lifestyle. Some pets lead fancier lives than others!

Most people leave the care of pets in the hands of friends or relatives and hope for the best. Visit any animal shelter and you’ll see the animals whose owners could not take care of them, or whose friends or family members intended to take care of them, but for whatever reasons, could not care for them. Putting a pet trust into your estate plan, is a better way to care for pets, if you outlive them.

The pet trust has several steps, and an estate planning attorney will be able to set it up for you. First, you need to appoint a trustee of the trust funds. This person is in charge of the financial aspect of the trust, from paying vet bills, making sure pet health insurance premiums are paid, to providing money for the caretaker to buy supplies. It’s a good idea to have a secondary trustee, just in case.

Next, you name a caretaker of the pet. This person can be the same as the trustee, although it may be better to name a different person, to create some checks and balances on the funds. You can, if you like, give the trustee the right to appoint a caregiver or a back-up caregiver. Make sure you discuss all of these details with the trustee and the caregiver and their back-ups to be sure that everyone understands their roles, and all are willing to take on these responsibilities. Some pets can live a long time, and you want to have everyone understand what they are undertaking.

Third, you’ll need to designate the amount of money to be held in trust for the pets for medical care, daily living costs and support until the pet dies. Don’t forget to include the cost of burial or cremation.

Finally, name the persons or organizations you wish to receive any remaining funds.

An informal letter of instruction to both the trustee and the caregiver would be very helpful. Provide details on the pet’s personality, quirky behavior, preferences for food, treats, play and any information that will help all the parties get along well. You should also provide information on your pet’s vet, any registration numbers for microchips, medical and dental records, medications, etc.

The Petrosewicz Law Firm can assist you with planning for your pets.  Contact us today at (281) 344-9455 or [email protected]. 

Reference: Times Herald-Record (March 9, 2019) “Who’ll care for your pets when you’re gone?”

What About Bella? Estate Planning that Includes Your Furry Family Members

You don’t need a diamond-encrusted water bowl, or a kitty scratch post made of solid gold to show that you love your pets. However, according to BravoTV.com’s Unleashed article “Don’t Leave Pets Out of Estate Planning,” if you do love your furry family members, you’ll want to include them in your estate plan.

Here are some practical tips to protect them:

Think about what you have and what your pet needs. You should only include items of true value within your estate plan. You don’t need to include your pet’s favorite toy or walking leash.

It is important to choose a beneficiary. This involves listing a beneficiary or caretaker, who will inherit your pet when you pass away. If you make sure that person will bring your pet into their home, it will give you peace of mind. Check with your estate planning attorney to be sure this is an enforceable provision in your will. It is not lawful in all states.

If you don’t have someone who will take care of your pet, find an organization with a program that cares for pets once their owners have passed. Make sure to contact the organization and follow their guidelines in your estate plan. There may be a donation or fees involved. Don’t leave any details out.

Create a pet trust, preferably as part of a revocable living trust. It will make it more certain that your pet will receive proper care. It is critical that you fund this trust, so the trustee will be able to carry out your wishes to care for your pet. This is especially true for animals with long life spans, such as horses or certain breeds of birds.

A trust ensures that your pet is the primary beneficiary of the entity and will receive whatever funds are placed into the trust.

Make sure to name a trusted caretaker who will give your pet the same kind of love and care that you would and make sure that they have the financial resources to do so. You don’t need to leave large funds of money, but by making sure there is enough money for food, veterinary care and other expenses, your pet can be ensured of a loving and happy life.

Speak with an experienced estate planning attorney, who is familiar with pet trusts and making provisions for beloved family pets. Setting up care for your pets after you have passed, must follow the laws of your states and those laws vary from state to state.

The Petrosewicz Law Firm can assist you with planning for your pets.  Contact us today at (281) 344-9455 or [email protected]. 

Resource: BravoTV.com Unleashed (April 16, 2018) “Don’t Leave Pets Out of Estate Planning”

Why You Need a Last Will and Testament

There are three documents at the core of estate planning that allow people of modest means and people of great wealth to protect and convey their health care and financial wishes during incapacity and death: the durable general power of attorney, the durable health care power of attorney and the last will and testament.

This is the subject of an article from The Daily News that asks “How Useful is a Last Will and Testament?” According to the article, a will is an individual’s post-mortem (death) plan to distribute one’s assets. They are almost always written down. There have been instances of verbal wills in other states, but verbal wills are not valid in Texas.  A will can be used to dispose of nearly anything which the person, known as the “testator” (if male) or “testatrix,” (if female), owns or has an ownership interest.

Any person who is legally competent can sign a will, provided they are aware of who they are, what assets they own and to whom they want to give those assets. Estate laws vary from state to state, so it would be wise to have your will prepared by an estate planning attorney in your state.

Wills are used to transfer tangible property as well as real estate, money and ownership interests in businesses, stocks and other entities. While most beneficiaries are humans, wills can be used to name charities, trusts, businesses and animals as beneficiaries. For animals, some people have “pet trusts” created to protect their pets, if they should outlive their companion animals.

One benefit of having a will, is the ability to decide for yourself who should inherit your possessions. If you die without a will, the state’s laws determine what happens to your possessions. That is known as dying “intestate.” Anything you own that does not have a beneficiary designation or surviving joint owner, will be passed automatically to your legal next of kin.

If you don’t have a will, aren’t married and have no children, your estate will be distributed to your next of kin.

If you have young children and die without a will, the court will appoint a guardian to rear your children. It may not be the person you would have chosen. If you have young children, you should have a will made without delay, to name a guardian and a person to be in charge of managing your money that is left for your children.

A will may be revoked, changed or amended at any time, if the person is legally competent.  However, because it is a legal document, it should be created with an estate planning attorney to make sure it complies with your state’s laws and is created to accurately and independently reflect your wishes.

The Petrosewicz Law Firm can assist you with your estate planning needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: The (Memphis) Daily News (Aug. 30, 2018) “How Useful is a Last Will and Testament?”

What About Bella? Estate Planning that Includes Your Furry Family Members

You don’t need a diamond-encrusted water bowl, or a kitty scratch post made of solid gold to show that you love your pets. However, according to BravoTV.com’s Unleashed article “Don’t Leave Pets Out of Estate Planning,” if you do love your furry family members, you’ll want to include them in your estate plan.

Here are some practical tips to protect them:

Think about what you have and what your pet needs. You should only include items of true value within your estate plan. You don’t need to include your pet’s favorite toy or walking leash.

It is important to choose a beneficiary. This involves listing a beneficiary or caretaker, who will inherit your pet when you pass away. If you make sure that person will bring your pet into their home, it will give you peace of mind. Check with your estate planning attorney to be sure this is an enforceable provision in your will. It is not lawful in all states.

If you don’t have someone who will take care of your pet, find an organization with a program that cares for pets once their owners have passed. Make sure to contact the organization and follow their guidelines in your estate plan. There may be a donation or fees involved. Don’t leave any details out.

Create a pet trust, preferably as part of a revocable living trust. It will make it more certain that your pet will receive proper care. It is critical that you fund this trust, so the trustee will be able to carry out your wishes to care for your pet. This is especially true for animals with long life spans, such as horses or certain breeds of birds.

A trust ensures that your pet is the primary beneficiary of the entity and will receive whatever funds are placed into the trust.

Make sure to name a trusted caretaker who will give your pet the same kind of love and care that you would and make sure that they have the financial resources to do so. You don’t need to leave large funds of money, but by making sure there is enough money for food, veterinary care and other expenses, your pet can be ensured of a loving and happy life.

Speak with an experienced estate planning attorney, who is familiar with pet trusts and making provisions for beloved family pets. Setting up care for your pets after you have passed, must follow the laws of your states and those laws vary from state to state.

The Petrosewicz Law Firm can assist you with planning for your pets.  Contact us today at (281) 344-9455 or [email protected]. 

Resource: BravoTV.com Unleashed (April 16, 2018) “Don’t Leave Pets Out of Estate Planning”

A Large Bequest for Two Cats

It is becoming fashionable for wealthy people to leave large inheritances for the care of their pets, after the owner passes away. Every few months, another story makes the rounds in the media.

The latest incident comes out of New York, where a widow named Ellen Frey-Wouters left $300,000 for her cats.  She instructed that the money be used so the two cats, Troy and Tiger, would never be caged and would always receive good care.

Fox News reported on the story in "New York widow leaves $300G to her cats."

While there is an obvious tabloid appeal to stories of wealthy people leaving lavish gifts for their pets, there is a very serious side to these stories as well.

More and more people are viewing their pets as something more than mere animals they possess. Pets offer companionship and many people view them with as much love as they do human family members.

This leads to the desire to make sure that pets are taken care of, after the owner passes away.

You do not have to be wealthy to leave something behind for the care of your pets.

Estate planning attorneys can draw up plans for just about anyone to leave some money and instructions for how their pets should be treated.

It can be done through wills or through specially designed pet trusts.

See an estate planning attorney to ask about what you can do for your pets.

The Petrosewicz Law Firm can assist you with planning for your pets.  Contact us today at (281) 344-9455 or [email protected].  

Reference: Fox News (Aug. 22, 2017) "New York widow leaves $300G to her cats."

Pet Cremation

A recent trend is for people to treat their pets just like any other member of their family. It is no longer just a dog or a cat. Your pet is a beloved member of your family, due the same consideration as any other member of your family.

While not everyone sees their pets in this way, more and more people do.

That has implications not just for how pets are treated in life, but also how they are treated in death.

For example, there is now a growing trend for funeral homes to offer cremation for pets as PA reports in "Pet Cremation Industry Gains Popularity."

For the relative small price of a few hundred dollars, people can have their pets cremated. The price normally includes an urn to hold the ashes, which people can take home with them.

Perhaps more important than what will be done with your pet when it passes away, is what will be done with your pet when you pass away.

Your pet cannot get a job to support itself. You might treat it like any other human family member, but it is not that human.

Therefore, if you want to make sure that your pet is taken care of, you need to make plans. There are several different ways that you can do so in an estate plan.

You can designate someone to take care of your pet and set money aside for that purpose. You can even create a pet trust with your pet as the beneficiary.

If you want to make sure your beloved pet is taken care of after you pass away, then talk to an estate planning attorney about how to do that.

The Petrosewicz Law Firm can assist you with your estate planning needs.  Contact us today at (281) 344-9455 or [email protected]. 

Reference: PA (June 23, 2017) "Pet Cremation Industry Gains Popularity."