Pets and Estate Planning -What are the Options?
Photo by Bruno Cervera
YOUR PETS, YOUR FUTURE
It turns out that many people like their pets best of all—we let them sleep with us, post countless pictures of their shenanigans, buy them too many toys, and often brag about their cleverness.
But what happens to pets whose owners are incapacitated or deceased? Who will take care of them? How will their care and upkeep be determined? If you have an estate plan, you have already considered the future and how to care for your resources and those you love. This circle of concern can extend to the care of your pets.
Many people rely on verbal arrangements for their animals. Perhaps your Aunt Donna always dotes on your pet iguana and has agreed to take on responsibility if needed. In a less hypothetical example, my family experienced the death of a family friend who informally bequeathed us an arthritic dog who turned out to have advanced teeth decay and major medical expenses— a substantial burden with no remuneration from our friend’s estate. Other people have pets like horses or tortoises with extended life spans or considerable costs associated with their maintenance. In such cases, relying on the goodwill of family or friends to foot the bill and the long-term commitment may not be a reasonable request. There is also no guarantee that your wishes for your pet will be honored in your absence. In these cases, there are legal solutions that can provide you with peace of mind about the future of your pets.
ESTATES AND PETS IN NORTH CAROLINA
In North Carolina, pets are legally considered personal property. They cannot be willed any portion of your estate. Like a piece of furniture, they convey with your entire estate. However, if you want to include provisions for your pet, there are ways to provide for them in your Will. You might include phrases like, “I would like my cats to pass to my friend Larry Howland at my death.” Leaving the pet description general allows your pet's life span not to become a hindrance if, for instance, “my cat Pumpkin” has since become “my cat Muffin.” Because pets' life spans vary, it can be beneficial to use general language.
Suppose you would like a stronger legal document in place. In that case, North Carolina has adopted laws for Pet Trusts that allow you to appoint a fiduciary trustee to ensure that your appointed funds will go to the care of your animal. This individual may or may not be the same person appointed for custodial care. There are many cases where a Pet Trust might make good sense:
Increasing incapacity of the pet caretaker
Emotional attachment that leads to a desire for a stronger care plan
High costs or longer life span of a particular pet
WHAT’S NEXT?
If you are considering the Pet Trust option, you will need to assess annual pet costs and the life span of your animals. Next, you will want to meet with a trusted attorney who can help you with an Estate Plan or make the necessary adjustments to your existing estate documents.
Do right by your pets and ensure they have the resources they will need! As you navigate these decisions, remember that the team at Hillsborough Wills & Trusts has the expertise to help you Build Your Circle of Security.
Call us today at 919-245-8440 or contact us at: https://hillsboroughwills.com/contact