Considerations for Pets in Your Estate Plans

 Posted on March 15,2019 in Estate Planning

Although the law considers pets to be property, pet owners often think of their pets as family members. If you have a beloved pet, you may want to include him or her in your estate plans. If there is a possibility that your animal companion may outlive you, you may want to include provisions as to how your pet should be cared for after you pass. Read on to learn about how you can plan for your pets future through estate planning.

Why Include Pets in Estate Plans?

If you are an animal lover, you probably worry about your pets often. You may especially worry if your pet requires special care or has a health concern. One reason many people include pets in estate plans is to plan for the possibility that they become incapacitated or pass away before the animal does. Sometimes, when a pet owner dies, their beloved pet can end up at a shelter – especially if no surviving family members are available to care for the pet. Surviving family members may be unable to care for their deceased loved one’s pet due to pet restrictions in their apartment or home, allergies, expense, concern for the children or animals already living in their home, or other reasons. It is best not to assume that your family will care for your pet without making formal arrangements.

Illinois Pet Trusts

Illinois law allows you to create a legal arrangement to provide care for your pet after your death via a pet trust. The person who creates the trust, called a “grantor”, can design the pet trust to take effect during his or her lifetime or upon death. Through a pet trust, a trustee will hold money “in trust” for the benefit of the grantor’s pet. The trustee is expected to use the financial resources to care for the pet in accordance with the instructions contained in the trust agreement. After the animal dies, any remaining funds are distributed as provided in the trust. Trusts, unlike informal arrangements, are legally enforceable. This means that the trustee cannot simply take the money provided through the trust for himself or herself, although he or she can retain a fee for carrying out the decedent’s wishes.

Contact a Lombard, Illinois Estate Planning Attorney

For help setting up a pet trust or for other estate planning assistance, reach out to the experienced estate planning attorneys at A. Traub and Associates. Schedule a confidential consultation with our team to learn more. Call 630-426-0196 today.

Sources:

https://www.forbes.com/sites/christinefletcher/2018/10/11/five-things-you-need-to-know-about-protecting-your-pets-after-you-die/

https://www.aspca.org/pet-care/pet-planning/pet-trust-primer