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What issues arise if I have a pet when I die?
There are two issues: (1) finding a new caregiver for your pet upon your death and (2) providing funds for the care of your pet.
How do I choose a new caregiver?
When selecting a new caregiver, consider a trusted family member or friend who has met your pet and has successfully cared for a pet themselves. Also name alternate caregivers in case your first choice is unable or unwilling to care for your pet. You should talk to potential caregivers at length about their willingness and ability to care for your animal. A pet should never be a "surprise" legacy. If you are unable to identify a specific caretaker who will care for your pet, you can instead direct your personal representative to arrange for his or her adoption. Certain organizations may take in your pet after your death in exchange for a donation to their cause. Check with your local SPCA to find out about pet adoption.
How should I leave funds for the care of my pet?
Under California law, a pet cannot inherit money because a pet does not qualify as a “person”. However, there are ways to resolve this thorny issue. One possibility is to create a trust specifically designed to provide for your pet’s care. Such trusts are permitted under California law. Under the trust, the you would designate a certain amount of money (or other assets) to be property of the trust and would name another person, the "trustee," to administer the money (or assets) for the benefit of the pet. The Trustee could also provide for the pet in the event you become disabled. A second possibility would be to make a bequest of a certain amount of money in your will to a specific trustworthy person, along with a request that the money be used to care for the pet.
How do I calculate the amount necessary to care for my pet after I’m gone?
This
is how you do it. You have a 5-year-old golden retriever named Moxy.
You
wish him a good, long life, so we'll say he'll live to be about 15. You
have determined that the cost of his regular yearly expenses -- food
and
routine health care -- run about $1,200 annually. Multiply 1,200 by 10
years (the dog's projected remaining life span) and you come up with
$12,000.
As Moxy ages, he may also need some extraordinary veterinary care, so
you
tack on another few thousand to cover that contingency. You leave
$15,000
for Moxy’s care.
Finally, it is important to understand that, regardless of our efforts to provide for our pets, there is no absolutely fool-proof way to guarantee that they will be as well cared for once we are gone as they are now. Nevertheless, choosing a trusted caregiver and providing adequate funds for your pets care should ease the mind of concerns that your pet will be cared for properly.
For more information on estate planning for pet owners contact Raymond B. McFalone.
The
Law Office of Raymond B. McFalone
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or email us for a free estate planning consultation!
Raymond
B. McFalone
1990
N. California Boulevard, Suite 830
Walnut
Creek, CA 94596
Phone:
(925) 944-1438
Fax:
(925) 932-8616
Email: ray@raymcfalone.com