For many people, their main objective during estate planning is to have a positive impact on others. Frequently, people prioritize leaving assets for specific beneficiaries or even charitable causes. For certain testators, the main objective during estate planning is to ensure the protection of their dependents.
Some people still have young children or adult children with special needs who require support. Many others have companion animals who rely on their owners for everything. Pet owners have to consider what might happen to their beloved companion animals after they die.
Many people make the mistake of simply assuming their families might care for their pets or naming a specific person to inherit their pets. Insufficient planning can ultimately lead to a tragic outcome that undermines the true intentions of the testator. What happens next could deprive a healthy and loving animal of a safe and comfortable future.
Animals cannot inherit property
An animal does not have property ownership rights. If an individual names their pet as a beneficiary, that can certainly lead to conflict during estate administration. If they instead treat the pet as an asset and bequeath it to someone in their will, the outcome may not be what the testator expects.
People may resent the need to care for someone else’s pet. Usually kind and considerate people may become bitter about that obligation. There have been many cases where beneficiaries who inherit responsibility for pets euthanize them or surrender them to shelters instead of providing for their needs until they die of natural causes.
If pet owners don’t plan specifically to ensure the protection of their companion animals, there’s no guarantee about how their loved ones may care for those animals after their passing.
A pet trust is a viable option
Establishing a pet trust protects the companion animal in two ways. First, it prevents opportunistic people from accepting responsibility for the animal because they simply want to receive access to resources intended to care for the animal. Instead, they have to ask the trustee for money when they take the pet to the groomer or the veterinarian.
The second benefit is that the trustee has a responsibility to act in the best interests of the pet. They can provide an important layer of oversight regarding the conduct of the person actually caring for the animal. If necessary, they could remove the animal from one person’s care to seek a better option. A trust created for the care of a pet can ensure the health and well-being of the pet and provide the owner with peace of mind.
Expanding an estate plan to include companion animals can be a smart decision for those who love their pets. Trusts can prevent beneficiaries and family members from mistreating, euthanizing or abandoning pets that belonged to someone who has recently died.
