Did you know…
• 70 percent of Americans allow their companion animals to sleep in bed with them.
• 37 percent of Americans carry photos of their companion animals in their wallets.
• 80 percent of Americans brag about their companion animals to others.
Many of us consider our pets to be members of our family. Some love their pets as they love their children. Many people justifiably worry about their animal companion should they (the owner) become incapacitated or die. Good news: California now allows pet lovers to create trusts for the benefit of their animal companions. Our state joins approximately 40 other states that allow such “pet trusts.”
Under the new law (Probate Code section 15212), pet owners can set up a trust that provides a certain amount of money for the animal’s care if the owner dies or becomes incapacitated. The trust can be separate from, or part of, a broader estate plan. The owner names a trustee to manage and disburse the money, as well as a caretaker for the pet. The owner should specify where any remaining money will go after the pet (or last of the pets) die. Typical trust disbursements would include food, housing, grooming, medical care, and burial or cremation fees. Additional trust distributions could be for such things as dog walkers, horse boarding expenses, exercise programs, doggie day care, etc.
“Typical” pets that would benefit from such trusts are dogs, cats, birds such as parrots, which have a long life span, and horses. Parrots and horses pose unique issues, as their life spans are long, and finding loving permanent homes after an owner’s death can be challenging due to the expense involved. Pet trusts will undoubtedly lessen the caretaker’s financial burden.
Even if one doesn’t want to utilize the new law and set up a “pet trust,” it is wise to think about our animal companions should we pass away. We nominate guardians for our minor children; shouldn’t we extend the same protections for our loved animal companions?
For more information, please call the Law Office of Jane M. McNamara at 661-287-3260.