Admit it! You snickered after reading the headline on this article, but this is serious business. There are more pets than children in American households, and for many people, old and young alike, pets are as much a part of their family as any human, sometimes more so. Planning for your companion animals is a vital part of the estate planning process. Many of our clients take this very seriously and so do we.

Benefits of Pet Ownership

Studies confirm that there are health and financial benefits to owning a pet. Research has demonstrated that people tend to be healthier when they have a pet. In a report by the National Institutes of Health, the research panel stated that pet owners “reap unexpected health and financial benefits (from lower health care costs) in addition to enjoying the companionship of the family cat or dog.”

Indeed, there is now an impressive body of scientific evidence, gathered over the last 30 years, that show pets can help a person stay healthy, speed up recovery after major illness, manage blood pressure, protect the heart and blood vessels, deal with stress, improve mood and ones sense of well-being, lessen feelings of isolation and loneliness, and provide a sense of purpose. The National Center for Infectious Diseases reports on its website that “pets can decrease your blood pressure, cholesterol and triglyceride levels, and feelings of loneliness.”

For the elderly especially, a pet can dramatically improve health. But who will take care of the beloved pet that out-lives the owner? What will happen if the pet’s caregiver must move to a facility that does not accommodate pets? How can a person provide for the continued care of a pet who has given so much?

Planning for Your Pets

Your pets are a part of your family. They give you loyalty, unconditional love, affection, and companionship. They give you a purpose and a feeling of fulfillment. They depend on you for your love and for the very best care you can offer: the right food; the right exercise; the right veterinary attention and the right medications. Of course you love them right back and want to do everything you can to give them what they need.

But what happens when you are no longer able to care for your beloved companions? You wonder, “How can I ensure that my pets will continue to receive proper care if I am unable to provide it myself? Who would take care of them? Who would understand their unique needs and personalities?”

Many assisted living centers do not allow their residents to have their pets live in the facility. Few if any nursing homes would allow you to have a pet at all. Of those that do, most would require you to choose which one of your pets to keep.

Your most disturbing thought is that your pets could be euthanized at a shelter or veterinary office if you die or become incapacitated. The sad fact is that unless you make appropriate arrangements, those fears could become reality. According to one estimate, one-half million pets are euthanized in shelters each year because their human caregivers have died.

Pet Trusts Provide an Answer

If you have pets and wish to provide for them after your death or incapacity, you can now place assets in a legal pet trust for their benefit after you can no longer care for them yourself. The law allows anyone to establish a pet trust in their will or living trust for the express care of designated domestic or companion animals. The trust may provide for the care of individually named animals or for a class of animals, so long as the animal is living at the time of your death or long-term care placement.

We also provide these clients with Pet Alert wallet cards, emergency door stickers, and pet care profiles to include with their trust portfolios.

Decades of Abuse

In years past, people wishing to provide funds to care for their pets could only leave money to individuals, with specific instructions to provide for the care and maintenance of the beloved pet. Administration, however, was based on the honor system, and the pet owner could only hope that their designated caregiver would use the money for the benefit of the pet, rather than spending it elsewhere. Decades of abuse with these so-called “honorary trusts” brought about the formalized, legal pet trust we have today.

Designing the Pet Trust

In designing your pet trust, you will want to appoint a Trustee and an alternate to manage and administer the trust. Provide the Trustee with clear, comprehensive guidelines and instructions, including where your pet’s health records are located, what type of care you wish to provide, limits, restrictions, your pet’s likes and dislikes, personality, habits and routines. Many of our clients also appoint a pet caregiver to be responsible for the on-going care of the animal(s) and a trust advisory panel to make major decisions such as adoption, euthanasia, caregiver compensation, etc.

Most clients design the trust so that upon its termination (usually at the animal’s death), the trustee transfers the remaining principal to the beneficiaries named in the trust agreement. This allows a pet owner to leave funds and instructions for the care of their pet, and at the pet’s death, to leave any remaining balance to contingent beneficiaries such as children, charities or other individuals.

Many of our clients leave any remaining trust funds to a local animal shelter or Humane Society. By using a pet trust to “plan today for loving care tomorrow,” You can meet your pets’ future needs while giving yourself peace of mind and can be assured that your pets will be well-cared for when you are no longer able to care for them yourself.

Our pets provide us with so much, it is only right that we plan to provide for them.

Join us for an enjoyable and important seminar on leaving a legacy for your pets!

Hosted by: Leigh Hilton, Estate Planning and Elder Law Attorney

Where: El Guapo’s Mexican Restaurant

419 S. Elm St.

Denton, TX 76201

When: Tuesday, June 16th

12:00 p.m.

RSVP to Tammy at 940-387-8800 or tammy@leighhilton.net to reserve your seat.