Estate Owners Should Plan for Their Furry Friends [Ohio]

The last 10 years have seen a swell in clients in Ohio leaving a bit of something in their estate plan for their furry companion. It is understandable as some people see their pet as a child, especially when they may not have children of their own or their children are older adults themselves. The State’s laws have made that simpler by implementing pet trusts for estate owners.

Pet trusts are a separate entity from your will and can be created before or at the time of your death. They are more binding than simply bequeathing a beneficiary a certain amount of funds with a request that they care for your beloved animal. There can be consequences if the person named to use the trust for the pet is not taking their role seriously or misusing the trust. You may also provide what happens to the remaining balance in the trust after the pet’s demise.

The most common type of animals that are benefited by pet trusts are horses, dogs, and cats, but any pet can be cared for through this type of trust.

See Becky Raspe, Estate Owners Should Plan for Their Furry Friends, Cleveland Jewish News, June 19, 2018.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.