Why You Need a Pet Trust: Ensuring Your Pets' Future Care
My dad’s cat died recently – she was young, and it was unexpected. While talking to my dad and his girlfriend, I asked if they were planning to get another cat. Their response was no – what if the cat outlives us? While of course I said I’d take their cat, the point remains that this concern is common among many older adults who shy away from getting a new pet, despite the proven benefits of pet ownership.
What many people don’t know is, you can plan for the care of an animal during the course of your estate planning, just as you would plan for the care of your children and the distribution of your personal assets. Read on to understand a bit about pet trusts, and how you can ensure your fur babies are taken care of should something happen to you.
The History of Pet Trusts
The concept of “pet trusts” is not entirely new. Historically, these trusts weren’t always enforceable. They were considered “honorary” trusts, i.e., trusts without a charitable purpose or a designated beneficiary who could enforce the trust. After all, we love our fur babies, but they can’t file lawsuits on their own behalf!
Recognizing the need for a way for people to care for their pets, several states, including Ohio, passed laws permitting the establishment of pet trusts.
Practical Implications
Ohio law offers a reliable way to ensure your pets are cared for, both before and after you pass. By setting up a trust, you can designate funds specifically for your pets’ needs and appoint a trusted individual or entity to oversee the trust’s execution.
You get peace of mind, knowing that the law supports and enforces your wishes regarding your pets’ welfare.
Key Things to Know
The most important take-aways are:
The pet trust terminates when the pet dies.
If the trust concerns more than one animal, it terminates when the last pet it concerns dies.
You can provide for presently living animals, animals in gestation, and animals you may come to own in the future, with some qualifications.
You can designate a person to care for your animals, or the court can appoint somebody.
The money you put in the pet trust must be used for your pet’s care.
If the money in the trust exceeds what is needed to care for your pet(s), the rest of the money goes back to you (if you are alive) or your heirs or will beneficiaries.
Conclusion
Pet trusts are crucial legal tools for animal lovers who wish to provide for their pets’ care, during and beyond your lifetime. Creating a pet trust can help you ensure your beloved animals receive the care and attention they deserve – and allow you to enjoy all the health benefits of having a pet, regardless of your stage of life.
Are you ready to ensure your pets are well cared for, no matter what the future holds? If you’re looking for an attorney in the Cleveland area, contact N.P. Weiss Law to book a consultation to discuss how a pet trust can provide peace of mind for you and your furry friends.
