Pet Trusts: Providing for Your Furry Family Members

Do you own a pet?  Odds are you do.  Almost 60% of American households own at least one dog or cat.  Add those of us who own cold-blooded, swimming, or feathered friends and you can see that pet ownership is a part of life for most of us.  In fact, many would tell you that their pets are members of their family.  So, what can we do to take care of our pets when we are no longer able to care for them?

Until recently, pet owners in Georgia had to plan for the care of beloved pets as they would for any other sort of property.  We would gift pets by the terms of our wills or trusts (perhaps along with a special chew toy and a little money to see to care and feeding) and hope the person receiving the pet would honor our wishes.

As of July 1, 2010, things changed.  Georgia joined the ranks of many states which allow for estate planning geared toward the care and safekeeping of pets - commonly known as pet trusts.

What’s new?  Georgia law now allows people to create trusts which have animals as beneficiaries.  You can create the trust so that it exists now or you can include it in your own revocable living trust or will so that it comes into being once you (or you and your spouse) die.  The trust can last through the lifetime of the animal and, importantly, can be monitored and enforced by someone you appoint for that purpose.  So now Fido’s (or Fluffy’s) well-being need not be left to chance.  That should be a weight off your shoulders and the small furry ones who depend on you.