Do I Need to Include My Pet?
For many of our clients, the multiple decisions they need to make as part of the estate planning process get overwhelming. This sometimes results in the planning for your pets being an afterthought (or not thought of ever, at least until now). Never fear; we have you covered. If we did not mention it in your documents specifically, your Trustee (if you have a trust) or Executor (if you have a will) has the authority to find a new home for your pet.
If, however, you want to go further, there are options.
In both a will and a trust, you can name a caretakerfor your pet(s). If you know someone who will agree to take care of your pet after you pass away, you can leave your pet to that individual. This just requires an addition or modification to your will or trust. This can be important if your Trustee or Executor is great at the paperwork and financial stuff but maybe is not as connected to your pet and would not know how to help or who would best love your family friend.
You can go further, too. A pet trust might be an option if you want to provide a guardian and some funds for the care of your pet. This option is more important if you have a more unusual friend—or one with a particularly long life. If your pet isn’t a fido or fluffy then helping your Trustee (or Executor) out with some instructions after you pass can be really important. We have seen real issues with birds and turtles; some of these guys can live a hundred years and without some provision things can be a mess.
A pet trust is normally setup inside of your own trust. A pet trust basically functions exactly like your regular trust. You pick a guardian (Pet Trustee) for your pet and you pick a certain amount of money to set aside for your pet. The guardian of your pet then has access to those funds to cover the costs associated with the care of the animal. If necessary, you can be very specific regarding the living arrangements, a feeding schedule, the types of treats the pet will receive, an exercise routine, and any other details you want to address. Or you can grant broad authority to the pet guardian. You know your pet and pet guardian best; you get to decide. With a pet trust, you do not have to worry about assets being left in the trust after the death of your pet. When you prepare the trust declaration, you name a contingent beneficiary if your pet passes with assets remaining in the trust.
With all of our clients, we encourage charity to be part of the estate plan. If you have a particular love of animals, keep in mind there are lots of great organizations in the Kansas City area that help care for animals. A gift from your estate to one of these organizations can go a long way. Let us know if you want to talk about amending your estate plan to include a gift to one of these organizations in your plan.
Here are just a few of those organizations:
Dogs and Puppies Available for Adoption in Kansas City - Wayside Waifs - Wayside Waifs,
Great Plains SPCA | Kansas City Area No-Kill Animal Shelter,
Home | KC Pet Project, Unleashed Pet Rescue | We Can Save Them All (unleashedrescue.com),
Home | Second Chance SCPAKC (secondchancepetskc.org),