Benjamin Franklin knew what he was talking about when he concluded that only two things in life are guaranteed: death and taxes.
Your dog doesn’t know a thing about taxes. When your cat catches a mouse, maybe she knows more about death than you’d like to admit.
But if you die tomorrow, who will look after your dog Bongo, or your cat Contessa?
Fortunately, you and your pets might have legal options that could guarantee they are still looked after when you die.
Pet Trusts
Approximately 40 states have laws that allow you to create a legal trust for your pet. A trust manages the distribution of a person's property by transferring its benefits and obligations to different people, or if your state permits, to different pets!
If you live in a state that recognizes pet trusts, you can set money aside to provide for your pet’s care during its lifetime long after you’ve died.
Your attorney can do that by drafting the appropriate legal language to include in your will so that your pet can be taken care of when you aren’t around. If you already have a written will, then your lawyer can make a small change to it with something called a ‘codicil.’ A codicil is an amendment to -- not a replacement of -- an existing will.
Even if you don’t have a will, but want to provide for your pet, now is a good time to have one made especially for your needs. That way you get to decide -- rather than the government -- how you want your money and other property distributed after you die.
Doris Duke Throws Pet Owners a Bone
A lawsuit over $100,000 that tobacco heiress Doris Duke set aside in her will to have someone look after her dogs prompted changes in state laws around the country to help people with pets keep caring for their animals after an owner dies.
The trustees of the $1.2 billion charitable foundation created with the remainder of her estate viewed Duke’s $100,000 decision as improper. They sued to try and take away the money set aside for her dogs’ care.
A New York court decided, however, that they couldn’t. Duke’s dogs won! Soon after the court’s 1997 decision, pet owners were thrown a bone. Lawmakers established legislation recognizing the intent of people with animals to establish trusts for their care after their owners died.
Check with a lawyer near your to find out whether you can create a pet trust to care for your cat or dog. It’s a legal bone that you just might want to pick -- with the help of your attorney -- for your animal companions.