Pet Trust
Do I Need Estate Planning for My Pet?
Should you take action to ensure that your pet is cared for upon your death or your disability? If you have a number of heirs or beneficiaries who are more than willing and able to care for your pet, then leaving your pets to them may be the thing to do. However, if any of the following apply, you should consider a pet trust:
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The current beneficiaries of your estate do not care for your pets and do not want to take care of them. This is perhaps the most significant factor for you to consider. Remember, although your family and friends may be deserving of your pets, do your pets deserve your family and friends?
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You live alone. If so, who will take care of your pets when something happens to you?
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You are older and/or suffer from a chronic illness. The shorter your life expectancy (for whatever reason), the greater the chance your pet will outlive you and need provisions for its continued care.
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Your pets have special needs. If your pets have special needs, then those needs should be made known to others and be financially provided for.
What can I do for my pet?
“When I die, can I leave directions for taking care of my pets in my will or trust, and can I leave money for someone to take care of them?” Previously in South Carolina this was an open legal question.
Effective January 1, 2006, South Carolina enacted a new Trust Code as a part of its statutes. In particular for animal lovers, a section of the Trust Code is entitled "Trust for care of animal." This section gives the following guidelines for creating a valid trust to care for your pet:
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The trust may provide for the care of animals alive or in gestation during the Trustmaker’s lifetime, whether or not the animals are alive at the time the trust is created. This means that you may create the trust now, and it can apply to any existing animals you may have as well as any future animals you may have before you die. Also, please notice that the law states that the trust is for the care of an animal. It does not specify that the animal must be a pet.
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The trust terminates upon the death of the last surviving of those animals.
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The trust may be enforced by a trustee or other person, or if there is no one to enforce the trust, by the court system.
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Anyone concerned for the welfare of the animal may request the court to appoint a person to enforce the trust OR to remove a person already appointed.
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Assets placed in the trust for the use and care of the animals may be used ONLY for the intended use, unless a court determines that the value of the trust assets exceeds the amount required for the intended use.
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Of course, after the death of the last animal, the trust needs to specify where any remaining assets are to go.
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Although there are a great number of people who may think that leaving trust funds for a pet is not important, there are many, many people who, like me, feel that after giving years of devoted service and love to the owner, the pet should be taken care of upon the owner’s death. The South Carolina lawmakers now feel that way also, and they have provided the ways and means to legally take care of those animals.