Estate Planning for Pets Featured in Wall Street Journal

In Good Boy, Wall St. J., Dec. 17, 2007, at R6, Rachel Emma Silverman discusses the fundamentals of planning for the care of a person’s pet animals upon disability and after death.

Here are a few excerpts from the article:

Lawyers say they are increasingly creating pet plans for their clients, as more pet owners want to make sure their animals are cared for after the owners are no longer able to do so themselves. * * *

A pet trust * * * allows you to set out specific funds for your pet’s care, name a caregiver who handles the pet’s care, and a trustee who manages the funds and makes sure the pet is taken care of. (Naming different people as caregiver and trustee allows for checks and balances.) Provisions in a trust are generally enforceable by a court. When the pet dies, money in the trust goes to end beneficiaries, typically a family member, friend or charity. Make sure to name alternate caregivers and trustees in case your first choices can’t, or won’t, serve in the role. * * *

Lawyers also recommend setting up power-of-attorney documents that specifically allow your appointed agent to make financial decisions regarding your pet if you become incapacitated.

For additional information on estate planning for pet owners, see Estate Planning for Non-Human Family Members.