We've previously blogged on this topic here, and here, but planning for your pet's future care is a relative "hot" topic in estate planning circles. Specifically, if something should happen to you, who will take care of your pet? If your wishes are not specified, your pet could wind up in a shelter or have to be put down.

This article suggests a few steps that should be taken to ensure your pet will be taken care of after you are gone. They are:

1. Get a commitment. Find someone who is willing to become your pet's guardian. If you can't find someone, find a local "no kill" shelter or rescue organization to take in your pet;

Continue reading "Pondering a Trust for Your Pet" »

We previously blogged about how to leave your estate to your pets. I recently came across another article that dealt with the same topic that I thought might be of interest to our readers.

Lee Dvorak, in her estate plan, wanted her perfectly healthy cat, Boots, to be euthanized upon her death. This was surprising as Dvorak left all of her $1.3 million estate to animal charities. You are probably wondering why she would want her cat euthanized?

Dvorak was afraid if something happened to her, Boots, who was a rescue cat, would not be taken care of and would end up in another abusive home. The executor of her will, Fifth Third Bank, went to court and asked the judge to block the request.

The judge agreed and Fifth Third placed Boots in a loving home with a history of caring for cats.

One thing in particular in this article gave me "paws" (sorry, I couldn't resist): if Dvorak was such an animal lover, why didn't the attorney who prepared her estate plan discuss with her the options available to Boots instead of euthanasia, such as finding an appropriate animal rescue farm to place Boots? Often times a client will come to an attorney to discuss their estate plan and have an "idea" in mind, but it is the job of the attorney to discuss with the client the implications to their "idea" and the alternative options that are available. It's hard to believe that an animal lover, who gave $1.3 million to animal charities upon her death, would want her beloved cat to be euthanized after her death.

Continue reading "Estate Planning...for Pets" »

Tommasso, who was once a stray cat on the streets of Rome, is now the world's richest cat.

Maria Assunta, Tommasso's owner, recently passed away at the age of 94. Maria was the wife of a wealthy Italian property tycoon. She did not have any children.

Maria left her entire estate to Tommasso, via her nurse, because she could not find a group that could take care of Tommasso. Maria's estate is valued at $13 million dollars, which includes cash and properties in Rome, Milan, and Calabria. This brings new meaning to the old saying "dogs have masters, cats have servants."

While uncommon, individuals can make provisions in the their estate plans for their beloved four legged friends. This can be accomplished be setting aside a sum of money in trust for their pets, with instructions to the caretaker that the money to be used for their care and maintenance. Under these circumstances, individuals need to appoint a custodian for their pet, much like people do with minor children. Additionally, the individual can stipulate where the remaining assets, if any, will go, when their pet passes away.

Continue reading "How to Leave Your Estate to Your Pets" »