Pet Planning in Your Will - Part 2
By Laura J. Martin, Esq.
Your last will and testament, often referred to simply as a “will”, controls who will receive your property after your death and how it will be distributed. The person you designate as the executor of your estate will be responsible for winding up your personal affairs and managing your property until it can be distributed. Since animals are considered property, your will controls what happens to your pets when you pass away.
One of your main objectives when creating a will should be to provide for the placement and transfer of your pets following your death. There are eight primary dispositive options you can use in your will to secure your pets a new home after you pass:
Transfer your pet to a designated beneficiary
Transfer your pet plus money for pet care to a beneficiary
Transfer/surrender your pet to a rescue organization or shelter
Transfer your animal to a sanctuary or retirement facility
Give the executor of your estate authority to select a suitable home, rescue, or other placement for your pet
Give someone else authority to place your pet
Designate a pet placement advisor to guide or direct the executor
Provide specific terms for the sale of an animal following your death
It is extremely important to designate alternate pet beneficiaries or placement advisors and provide a back-up plan for your pets. It is startling how often people decline to accept responsibility for a pet when the need arises, even when they have agreed in advance. Giving away a pet is not as easy as giving away money. The executor or another person may need authority to place your pet in a new home if your primary plan fails. Good Pet Plans have multiple layers of protection for pets!
While we can do a lot with a will, it is still the least protective post-death planning option for a pet (we will discuss more protective trust planning in future articles). However, a Will is also the simplest and least expensive choice. When weighing your options, a will may be appropriate and meet your Pet Planning needs whenever:
Someone will be immediately available after your death to care for your pets
You have identified multiple potential trustworthy pet beneficiaries
The beneficiaries can afford a pet, can manage money for pet care, and are not dodging creditors
You are leaving your pet to a rescue, shelter, sanctuary or retirement facility
You trust the executor of your estate to appropriately provide for and place pets
You have no desire or need for post-death control
Your estate will be solvent (assets exceed liabilities)
You prefer or need the simplest and least expensive planning option
The primary disadvantage of planning for a pet in your will is lack of post-death control. After you pass, your pet’s beneficiary / new owner is free to do whatever he or she wants with your pet and any money you leave to help pay future pet care expenses. There are no strings attached and nothing to prohibit a beneficiary from selling, surrendering, euthanizing, or mistreating your pet (provided that the mistreatment is not severe enough to be considered a crime). If your pet is not accepted by a designated beneficiary, someone must be willing to put in the time and effort required to find your pet a new home.
Wills are a good Pet Planning option only when you have high trust in the people you have chosen. Nonetheless, wills are still the most used post-death Pet Planning tool. Pet Trusts may be the most talked about Pet Planning tool, but Wills are still the most common.
There is more to come - in the next newsletter, we will start exploring how trusts can be used to provide greater protection for your pet and peace of mind for you.
This is the fifth article in the OAA Animal Insider newsletter continuing series about Pet Planning. Additional information about Pet Planning and the planning options available to you is included in the Introduction to “Pet Planning” for Animal Owners guide.
Disclaimer: This information is provided for educational purposes only and is not legal advice. For Pet Planning assistance, please consult with an experienced estate planning attorney.
