Pets and Estate Planning -What are the Options?
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 spent time thinking about the future and how to take care of your resources and those you love. This circle of concern can extend to the care of your own 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 renumeration 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 good will of family or friends to foot both 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 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 would like to include provisions for your pet, there are ways to provide for them in your Will. You might include a phrase like, “I would like for my cats to pass to my friend Larry Howland at my death.” Leaving the pet description general allows for the life span of your pet cats not to become a hindrance if, for instance, “my cat Pookie” has since become “my cat Muffin.”
If you would like a stronger legal document in place, 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 a number of 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
If you are considering the Pet Trust option, you will need to asses annual pet costs times 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.
Our legal team at Hillsborough Wills & Trusts can support you as you Build Your Circle of Security. We can be contacted at https://hillsboroughwills.com/contact.