Is your pet a member of your family? If so, you will want to read this article. Do you know what would happen to your pet if something happened to you? Many pet owners have not considered the fate of their pet. After all your pet state laws have not created provisions for you pets to the same extent as they have for your children. Pets in Florida and most states are considered personal property and are dealt with as such.
If you become disabled or die, who will take care of your pets, who will pay for their food, shelter, doctor bills? Who will receive them? Do you want the same person who receives your other personal property to get your pet?
These are some of the issues that pet owners should deal with to create plans for the case where your pet survives you and your spouse.
In Florida What Will Happen to Your Pets When If You Become Disabled or Pass Away?
Without proper planning, your pets may euthanized. Local laws in the area where you pet is located at the time of your death will control what happens to you pet without other provisions. Sometimes in a few days, your pet could be killed if nobody comes forward to claim your pet.
Florida law treats pets as personal property. You cannot leave money to a pet directly. You may leave money to a caretaker but you cannot require actions of the caretaker after they receive the money. What will happen if your caretaker does not survive you or the pet?
Statutory Pet Trusts
Most states including Florida have enacted pet trust statutes. These trusts allow you to designate a third-party to use the trust funds for the benefit of pets. While pet trusts can offer a solution, many are choosing to create custom provisions in their standard estate planning that can offer more flexibility without the limitations placed on Pet Trusts by statute.
In determining how much money to allocate for your pets you should consider the current level of care as well as the cost of food, treats, daycare, medical, grooming, insurance and if any additional costs will be incurred because of the amount of land or property needed for the pets. While many people think of pets as dogs and cats, there is growing percentage of the population who have pets with much longer life spans and some can live for more than 100 years. (Birds, horses, reptiles)
Often a standard Will is inadequate for pets. Wills generally do not address disability and because of the long time required to probate a Will.
Funding Pet Care
You may find that other assets can be used to fund the care of your Pet. If you do not have enough assets to take care of your Pet without your continued income, you may consider a life insurance policy that funds the trust or is owned by a trust so that money will be available to take care of your pets in the case of your disability of death.
There are many issues to consider when making plans for your disability or death in regards to the family pets. In addition, one must be careful not to encourage fraud by the caretaker by creating proper controls and checks. For those of us who consider pets part of our family, most pet trust statutes help but can be to restrictive for many situations. It is important to discuss your goals and objectives with a Florida estate-planning lawyer to determine what if anything you should do to properly provide for your family and your pets.