Pet Trusts

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mary-morrisPaws-itive Press

Pet Trusts

By Barbara Masi

I wanted to share with you some thoughts on setting up a Pet Trust and turned to my dear friend, Mary Morris, Esq. Mary Morris is an attorney with Morris & Morris in West Palm Beach. She and her husband are privileged to care for dozens of rescued animals on their small farm.

Here is what she has shared with us:

What happens when a pet owner becomes incapacitated or dies and has not made any arrangements for the care of his or her pet? Sadly this happens all too often, with sometimes tragic consequences. A pet trust, which Florida recognizes, can help avoid a bad situation. It is a legally sanctioned arrangement that provides for the care and maintenance of a pet in the event of his owner’s disability or death.

The trust is effective so long as the animal it benefits is alive (and if the trust benefits more than one animal, it terminates on the death of the last surviving animal). The person who creates a trust is called the settlor and the person who holds the trust property (cash, for example) is the trustee.

Under the usual arrangement, the trust will be funded in some way with sufficient assets (for example, by life insurance proceeds, proceeds from investments, or cash) and the trustee will pay those funds to a designated caregiver to use for the care and maintenance of the pet. You will thus need to consider who (or what organization) will be your trustee; who will be your caregiver, and who will be the beneficiary of any trust assets that remain after the trust terminates on the death of the pet.

The directions left in a trust for the benefit of a pet should be very specific and include such things as the kind of food your pet likes best, where and how often he likes to be walked, direction about routine visits to the veterinarian, and other details only you know about your special family member. Describe your pet’s standard of living in detail. Make sure your caregiver is acquainted with it and will know how to care for your pet the way you do. Make sure, now, that your pet is easily identifiable by photographing and microchipping him.

Certain organizations that adopt out pets will require you to sign a document saying that you will return the dog to them should you be unable to keep it – whether sickness or death. Be sure and check that out as it is a way to ensure your pet has a good home in your absence. You may leave the funding to the group (make sure it is a 501 c 3) to ensure the care of your pet. The pet will be then placed in a good home with ample funds to keep him or her comfortable for the rest of his / her life.

Giving money to an organization that benefits animals either during your lifetime or after death is not only a wonderful thing to do but relatively easy. Trusts and wills are technical, however, and often have tax consequences so see an estate planning attorney to make sure that everyone you love – particularly your beloved pets who cannot take care of themselves without you – is well protected if and when something happens. Planning ahead will ensure that your pets will be healthy and cared for even if you are unable to do that personally – and will provide you with great peace of mind.

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Barbara Masi has been a resident of Boynton Beach for 35 years and an animal advocate all her life. Although having many breeds of dogs in the past, she has devoted the last 15 years to the re-homing of retired racing greyhounds and is the founder of a group that trains them as service dogs and donates them to veterans. Barbara works with local school children in educating them about animal kindness and anti-bullying through PBSO’s Animal Kindness Unit. Through her employment, she has the opportunity to interact with a variety of local animal groups and businesses, allowing her to share their knowledge of all animals to us at AroundWellington.com.