Your Pet Trusts You, But What if You Cross The Rainbow Bridge First? Should You Consider a Pet Trust?

Are you one of the roughly 70% of US Households that have a pet or pets? Although we may see our pets as solid family members, the law has traditionally regarded them as mere property, to be treated as chattel along with other household goods. If you have loved and been loved by an amazing furry friend or two it may be a comfort to you to know that you can ensure their wellbeing should they survive you.

Up until fairly recently, there was no enforceable arrangement to provide for pets after the death of the pet owner. A valid trust required a beneficiary, that is, a human beneficiary. However, in 2005, Illinois passed the Pet Trust Act (760 ILCS 5/15.2). (As of 2016, all 50 states have Pet Trust laws.) This statute allows a Testator (person making a Will or Trust) to set aside funds and instruct a trustee to manage the funds for the benefit of an animal. The trust remains in effect until there is no longer a designated living animal.

What must one consider in order to set up a Pet Trust?

First, one must designate a person or organization to be the trustee. This is the person charged with following your instructions. Be sure to name a contingent or two as well. The trustee may be given custody of the pet, or simply be charged with overseeing the pet’s care. If the trustee will also be the custodian of the pet (not required and not always the case), you might name another person or organization to check up on the welfare of the pet from time to time. The person having physical custody of the pet should care about your pet (or at least care about animals) and also have the time and circumstances to be able to carry out your wishes. Obviously, one would want to designate a person whose living arrangement allows for pets and who is healthy enough to care for the pet.

What are your pet’s needs? Presumably you would want the pet to go to a loving home. But what else? Does your pet have special dietary needs? Medications? Physical predispositions? Does your pet get along with other animals? Do you have more than one pet and would you like them to stay together? Would you like to specify when and how the pet might be euthanized and where the remains would go? You may give direction on any of these issues and more; or simply direct the trustee and/or custodian of the pet to do whatever he/she determines to be in the pet’s best interests.

Finally, and importantly, your Pet Trust needs to be funded with a sufficient amount of money in order to accomplish your objectives. Upon the death of the pet, any excess funds will be distributed as you direct. The remainder beneficiary may be an Animal Rescue or Anti-Cruelty organization or a family member or friend.

Malecki Brooks Law Group, LLC can assist you with estate planning including the creation of a Pet Trust.

For further information contact us.