Often pets serve as loving companions, and are treated as members of the family. Many people prepare estate plans to provide for their loved ones after they pass on, but did you know you can also plan to provide for the care of your pet in your estate plan? Oregon has one of the most progressive pet trust statutes in the United States.
A Trustmaker can designate a sum of money or other property to be held in trust for the care of any pets living at the time of his or her death. The Trustmaker appoints a Trustee who is responsible to manage the property for the benefit of the pet(s). It’s also wise to appoint a successor Trustee in case your first choice isn’t willing or able to serve. The trust document should specify the standard of care that the pet is to receive to ensure that the Trustmaker’s wishes are carried out.
A Caretaker for the pet must also be identified. This person’s job will be to provide for the daily well-being of the pet. This can be the same person as the Trustee, or a different person. You might want to consider two different people if the Caretaker is someone who doesn’t do well managing money, but would provide the best home for your pet. If the Trustee and Caretaker are different persons, the trust should specify what types of reports or information they should share to ensure good communication. If desired, a third-party independent “Trust Enforcer” can also be appointed to ensure that the pet is well cared for and the trust funds are used only for the benefit of the pet.
The trust terminates when the pet dies, or when the last pet dies if several pets were provided for. The trust designates who is to receive any funds left when the trust ends.
If you don’t have an estate plan yet and would like to provide for your pet, be sure to discuss your desire for a pet trust with an experienced estate planning attorney so it can be included in your plan. If you already have a plan that does not contain a pet trust, contact an estate planning attorney so that a pet trust can be added to your plan.
For additional information please contact Jim Eagar at Legacy Estate Planning, LLC, at (541) 324-1800. www.LegacyPlanningLLC.com.
