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Under the laws of the state of Ohio, there are no provisions for property ownership for animals. So the answer is no, you cannot leave money to your pet in a last will.
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Yes, a pet is considered to be your property, and you can transfer property through the terms of a will. This may sound like an instance in overstating the obvious, but you should definitely make sure that the person that you have in mind is willing to care for the pet after you are gone.
It is also important to consider the anticipated longevity of the individual that would be inheriting the animal.
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Sure, you can leave money to anyone, and you can instruct the person to use the money to care for the pet. However, these instructions would not be legally enforceable. Once the inheritor has the money, they would be free to do whatever they want to do with it.
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Yes, you could establish a trust for the benefit of a pet.
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You establish and fund the pet trust, and you name a trustee to act as the administrator after you pass away. The trustee can be someone that you know personally, or it can be a professional fiduciary such as a bank or a trust company.
We should emphasize the fact if you name a trustee that you know, this person would not necessarily have to care for the pet.
In the trust declaration, you can leave behind specific instructions with regard to the way that you want the pet to be cared for after you are gone. You can specify certain food, treats, exercise times, and any other details that you want to include.
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When you establish the trust, you name a successor beneficiary. After the passing of the pet, this individual or entity would assume ownership of any resources that remain in the trust.
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Most people do not think to include the family pet in their estate plan either because they are not aware it is possible, don’t think it’s necessary, or are unsure how to do so. If you consider your pet to be part of the family, why wouldn’t you include him/her in your estate plan? Including your family pet in your estate plan allows you the peace of mind that comes with knowing your pet will be well cared for if you are unable to provide that care one day.
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Unfortunately, over half a million dogs and cats end up in shelters each year in the U.S. because of the death or incapacity of their owner. When a pet owner dies or becomes incapacitated, a beloved family pet can easily be overlooked, or be viewed as a burden, if plans were not made ahead of time to care for the animal in the event something happened to his/her human “owner.” Your loved ones may be so focused on their worry or grief over your death or health problems that your pet simply gets lost. Even if they do remember your pet, they may be unwilling to take on the practical and financial responsibilities associated with caring for your pet. Including a pet planning component in your estate plan is the only way to ensure that this doesn’t happen to your pet.
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People frequently make the mistake of relying on nothing more than a verbal agreement with a family member or friend to care for their pet in the event of their death or disability. There are numerous problems with this option. First, your intended caregiver could be unable or unwilling to fulfill the agreement when the time comes and there is no legal way to enforce the agreement. Second, although you may not view your pet as your property, the law does, and a verbal agreement does not legally transfer ownership. Finally, a verbal agreement does not provide a funding method for the continued care and maintenance of your pet.
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You may not think of your pet as property; however, the law considers an animal to be property. Therefore, ownership of that “property” needs to be legally transferred to a new owner after your death. In the event of your incapacity, someone needs the legal authority to take control of that “property” during your incapacity. In addition, by making it clear who you wish to be your pet’s new “owner” you can help prevent disputes that could arise if more than one friend or family member wants to take over your pet’s care.
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Gifting your pet in your Will does not legally obligate your caregiver to take over the care and maintenance of your pet nor does it provide a satisfactory funding method. You can also gift funds that are intended to be used to care for your pet; however, once gifted in a Will, the funds become the property of the beneficiary to do with as he/she pleases which provides no guarantees that your pet will be cared for as you wished. In addition, gifting a pet in a Will does not address the possibility of your incapacity because the terms of a Will only apply in the event of the Testator’s death, not incapacity.
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A pet trust is a specialized type of revocable living trust. Like any trust, you will appoint someone as the Trustee of the trust, and you will fund the trust with sufficient assets to care for your pet in your absence. The Trustee of your trust is legally obligated to use the utmost care when managing the trust assets and to follow the trust terms just as you wrote them.
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The terms of a pet trust can be used to dictate how you wish your pet to be cared for in as much, or as little, detail as you wish. A pet trust provides the legal oversight you need to ensure that the funds you leave behind will be used exclusively for your pet and that your pet’s care will be continued in the manner to which your pet is accustomed. Finally, a pet trust can also address a situation wherein you are incapacitated. The Trustee can take over the care of your pet until you recover, or forever if your incapacity eventually leads to your death.
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Learn More About Pet Planning
We have provided some basic information about pet trusts here, and you can learn much more if you download our special report. It is just one of many different reports that you can access through our website, and you can visit our library to access any or all of them.
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Our doors are open if you are ready to discuss your estate planning goals with a licensed attorney. You can schedule a consultation right now if you give us a call at 513.721.1513. There is also a contact form on this website that you can use to send us a message.