Coral Gables Florida Estate Planning Attorneys

Coral Gables pet planning attorneys

Date:

Coral Gables pet planning attorneys

If you have a family pet, you probably spend a considerable amount of time and money on your pet. You also likely think of your pet as a member of the family and treated as such on a daily basis. Have you ever stopped to consider what will happen to your family pet if something happens to you? The Coral Gables pet planning attorneys at Stivers Law explain why pet owners should always include pet planning in their comprehensive estate plan.

Americans and Their Pets

We treat domesticated animals very differently in the United States than they are treated in most other countries. Not only do we own more domestic animals, but we consider them to be part of the family. In fact, according to the American Pets Products Association (APPA), about 70 percent of American households have at least one pet and collectively we spent almost $110 billion a year on our pets. Not only do we spend money on gifts for our pets, but almost half of American pet owners spend the same amount of money or more on their pets’ healthcare as they do on their own.

A shocking number of dogs and cats end up in shelters, however, each year because of the death or incapacity of their human owner. The harsh reality is that when tragedy strikes in the form of death or serious illness, family members and friends often forget about the family pet or worse still, intentionally abandon the pet.

Pet Planning Can Help

To prevent your family pet from winding up in a shelter, and to ensure that your pet will be cared for according to your wishes, you need to include pet planning in your estate plan. There are several ways to do this, including:

  • Verbal Agreement. People frequently make the mistake of relying on nothing more than a verbal agreement with a family member or friend to care for their pet in the event of their death or disability. There are numerous problems with this option. First, there is no legal way to enforce the agreement. Second, although you may not view your pet as your property, the law does, and a verbal agreement does not legally transfer ownership. Finally, a verbal agreement does not provide a funding method for the continued care and maintenance of your pet.
  • Gifting in a Last Will and Testament. Using a Will to “gift” your pet to a designated caregiver does resolve the issue of the legal transfer of ownership; however, it does not legally obligate your caregiver to take over the care and maintenance of your pet nor does it provide a satisfactory funding method. You can also gift funds that are intended to be used to care for your pet; however, once gifted in a Will, the funds become the property of the beneficiary to do with as he/she pleases. In addition, gifting a pet in a Will does not address the possibility of your incapacity because the terms of a Will only become relevant upon your death.
  • Pet Trust. A pet trust resolves all the issues found in the other options. A pet trust operates just like any other trust, requiring you to name a Trustee to oversee the administration of the trust and allowing you to transfer “property” into the trust. The funds you use to fund the trust can be used to care for your pet according to your wishes which can be expressed in the terms of the trust. Unlike a Will, a trust can cover the possibility of your incapacity as well as your death. Most importantly, using a trust means that everything is legally enforceable.

Contact Coral Gables Pet Planning Attorneys

For more information, please join us for an upcoming FREE webinar. If you have additional questions or concerns about incorporating a pet planning component into your estate plan, contact the experienced Coral Gables pet planning attorneys at Stivers Law by calling (305) 456-3255 to schedule an appointment.

Justin Stivers
Follow me
Latest posts by Justin Stivers (see all)

Category: