Pet Trusts: Providing Security for Your Kitty
If you share your life with a furry companion, one of your big worries is probably "what will happen to my pet should something happen to me?" It's a valid concern. Many pet owners assume that, should they be unable to care for their pets, another family member will -- but sadly, animal shelters often end up with pets of deceased owners who didn't make arrangements for their pets' care.
Though not all U.S. states allow for the creation of a trust used for the care of animals, California law does provide for this. Senate Bill 685 was signed into law by Governor Arnold Schwarzenegger in 2008, and became effective on January 1, 2009. SB 685 guarantees that people's wills are carried out as intended, including provisions made for their pets.
SB 685 allows pet owners to create legally-binding trusts and designate a trustee to manage and disburse funds; set aside money for pet care and expenses; designate a pet caretaker (who can be paid for his or her time); and give specific instructions about how the pets will be cared for -- including designating specific veterinarians, detailed instructions regarding diet and exercise, and more. The pet trust can be established as part of a living trust or as a standalone legal document.
The trustee ensures that all designated money is spent on the pet's care. Unless otherwise mandated in the trust document, the trustee is prohibited from using the assets or income for anything other than care of the pet. SB 685 also allows courts to appoint a caregiver if one was not designated, and if the trustee does not wish to arrange for the pet's care.
Upon the death of the pet, any remaining trust funds pass to a designated beneficiary. This final beneficiary can be charity, people, or a combination of both.
An important part of the trust creation process is to locate a trusted friend or relative to designate as your pet's caretaker. Take into consideration the person's ability to assume the responsibilities of caring for your pet, their ability to offer your pet a stable home, and the kind of home your pet needs. (For example, does your pet get along with children or other animals?)
The amount required to adequately fund your pet trust is also an important decision. As your pet's caretaker, you are the most-qualified person to assess the amount of money needed for your pet's care. Consider typical annual expenses such as food, litter, bedding, toys, and routine veterinary care. If your pet has a medical condition requiring ongoing treatment, take that into account. Don't forget to consider expenses such as boarding or petsitting, in case the caretaker must be out of town for any reason. Factor in your pet's average life expectancy, and this will give you a pretty good idea about the amount of money needed for your pet's trust.
Consult with a qualified California pet trust attorney who can work with you to develop the proper trust for your pet, ensuring that your pet will be cared for should you no longer be able to.