How to Protect Your Pets in an Estate Plan
A pet trust is a legal agreement that allows you to set aside money and other assets for their care. This protected fund covers the costs of food, veterinary care, grooming, and other necessities for them. It also designates a guardian responsible for using the assets in the trust to maintain a loving, caring home for your pet. If the trust is established to care for more than one animal, it remains in effect until the death of the last pet. Once all pets pass away, any remaining funds are generally distributed according to the wishes of the pet owner.
Do Florida courts uphold pet trusts? Yes, just like many other states in the U.S. A pet trust is a legally-binding document. Florida authorized the creation of a trust for pets in 2002, now codified as Section 736.0408 of the Florida Statutes.
How to Establish a Pet Trust
Here’s what your estate planning lawyer may recommend to create an effective pet trust.
- Decide distribution. You can choose to leave behind a lump sum or have it funded with life insurance, property, or investments. A financial advisor can work with your estate planner to determine what works best based on your asset allocation.
- Establish a guardian. Discuss this agreement with family members or friends who are already familiar with your pet so everyone—including your animal companion—is comfortable with the potential arrangement.
- Include special instructions. Lastly, you can also include in the trust any special instructions for the care of your pet after you’re gone. This may include diet plans, exercise regimens, health and grooming requirements, and more. While your guardian is likely already familiar with your pet’s care, it’s always helpful to have all the details clearly outlined.
