Testators creating estate plans often have specific beneficiaries in mind. They want to provide support for certain individuals, including their dependents. In some cases, the dependents that testators hope to support after they die may include household pets or other companion animals.
It may seem reasonable to include a beloved animal in a will as a beneficiary. However, animals do not have property ownership rights. Therefore, they cannot inherit from an estate.
How can pet owners provide support for their companion animals after they die?
Trusts may be more useful than wills
Naming an animal as a beneficiary in a will could have unintended consequences. People might agree to take care of the animal primarily to gain access to the assets allocated to the pet.
Especially in cases where an animal is likely to live substantially longer than the testator, funding a trust can be a smart decision. Pet trusts can provide ongoing support for the pet. The trustee can make distributions from the allocated resources to cover costs related to grooming, veterinary care and food.
By ensuring that the people who accept responsibility for the animal do not control the assets intended for its support, testators can reduce the likelihood of people euthanizing their pets and then misusing the assets intended for their support. A pet trust can help limit the risk of an unfortunate outcome for a beloved companion animal when its human owner dies.
Reviewing personal wishes for an estate plan with a skilled legal team can help people make use of the right tools. Pet trusts can be helpful in cases where people want to ensure the well-being of their companion animals.