Attorneys Don’t Know Everything
Attorneys Help Plan for the Future
Elder attorneys and estate planning attorneys help people prepare documents that protect their loved ones upon the person’s death. They arrange for the transfer of assets so family, and sometimes, friends, continue to be well taken care of. During this process, these questions often arise, “How can I protect my pet’s future? What will happen to my pets if something happens to me?”
The most common answer provided to their clients by attorneys is that they should designate a Caretaker Beneficiary for their pet in their Last Will and Testament. This means they should leave a random lump sum of money to a person who agrees to spend the money on the pet. They promise to provide a loving home and continue caring for the pet using the money they have received. If the money runs out, they have committed to take care of this animal and now must pay the expenses with their own money.
The Result is Not What You’d Expect 
The sentiment behind that plan is sweet but not always in the pet’s best interest. Too often, the Caretaker Beneficiary takes the money but cannot provide the pet with the home, as promised. They accept the money and bring the pet to the shelter for any one of an infinite number of reasons. There are some people who take the money and the pet but spend the money on something extravagant they have always wanted. Perhaps the money will be used for a new car or an engagement ring! The pet is provided with a home for a while but the expenses start adding up. The money has already been spent so it’s off to the shelter.
Pet Trusts are the Best Way to Plan for Your Pet’s Future
When providing for your pet’s future with your Will, there are no guarantees and no legal follow-up or recourse. However, the majority of pet owners are led in this direction because attorneys are most familiar with it and most experienced using them. There is a better way but, until recently, it is barely used because people and their attorneys and estate planners don’t fully understand them. The law regarding them is vague and the resources available for using them have been very limited. I’m talking about Pet Trusts.
A Pet Trust is a legal document with a supporting financial budget that protects your pet’s future. It clearly outlines the care you want your pet to receive with the money you have provided. In addition to the legalities of your state that must be followed, a well-designed and comprehensive Pet Trust must cover a variety of areas so the guidelines for pet care can be clearly stated.
Attorneys Pose a Challenge
When our Foundation spoke with some attorneys, they admitted, when questioned, that they’d like to use Pet Trusts, but there was little guidance available for them to create a document that contained enough information about the care of the pet. They stated that their final Pet Trust documents were not detailed enough and that they wished they had more resources available to them to prepare the document with more Pet Care information.
The Edwin D Marks Animal Foundation took on that challenge. Our mission is to educate Pet Owners and their attorneys on how to prepare a Pet Trust document that clearly states the guidelines for the pet’s care. It focuses on rehomng the pet instead of being brought to a shelter. The core of the Trust, the Care Plan, is like an instruction manual on how to care for the pets. We have developed a format we call the “Essential Components” to help ensure future Caretakers will know exactly how to take care of the pet.
Pet Trusts are Protected by Law
A Pet Trust also helps ensure that the pet owner’s money is used only for the care of the pet. A Trustee is designated who controls the money. The Trustee only allocates the funds if they follow the guidelines of the Trust and the needs of the pet.
The Pet Trust document is also able to be legally enforced. It is truly the best way to protect your pet’s future and provide your pet with the care that enables it to maintain its current lifestyle. Pet owners can rest easy knowing their pets will be cared for the way they wish.
Our Foundation is committed to educating [people about Pet Trusts and providing resources on how to prepare them. So, attorneys, thank you for admitting you needed help in this area. The Edwin D Marks Animal Foundation has addressed your need. We are here to help! Browse through our library of articles, blogs, videos, to learn more.
