OK, so you’re not Leona Hemsley, but …
By Gina Spadafori
September 4, 2007
What would happen to your pets if something happened to you? An article in USA Today points out that the upside of Hemsley’s insanely overfunded trust for her Maltese — who incidentally apparently isn’t the most pleasant of animals to be around, according to the NY Times – is that is has raised the issue of pet-care trusts in the minds of many.
And that’s a good thing. From the piece:
Thousands of pets end up in shelters every year because their owners died without making arrangements for their care, says Kim Bressant-Kibwe, trust and estates counsel for the American Society for the Prevention of Cruelty to Animals.
Animal shelters are “already overburdened as it is,” she says. “To the extent that people plan ahead, it helps us, too.”
One increasingly popular strategy is to set up a pet trust. A pet trust allows you to designate a specific amount of money for your pet’s care and name a trustee to carry out your wishes.
Currently, 38 states and the District of Columbia have enacted laws that let residents set up “statutory pet trusts,” which are less expensive than traditional legal trusts. In states that allow statutory pet trusts, you can create one by adding a few lines to your will, instead of setting up a separate trust. You can set up a statutory pet trust for as little as $100, in addition to the cost of your will, says Greg Daugherty, executive editor of Consumer Reports.
Read the rest. Your pet is counting on you.
It is worth it to check out the list of states on the website to see if your state has enacted this law — when I did my will after my divorce in 1997 (hey, I had a lawyer — why not get it all over with! ;-)), PA did NOT have such a law — my lawyer had me give my brother an extra share of my estate with the idea that he would care for my pets.
Now that I’m remarried, I really should re-write my will — since the chart says that PA added the “statutory pet trusts” in 2006, I’ve got extra incentives (Pepper & Lindsey) to get that will re-written!
Comment by Dorene — September 4, 2007 @ 6:19 pm
This is totally off the subject but I was on a Question and answer type place on the internet and the question was about dog and cat toys from China. The person was wondering if the toys could be painted with paint that has lead in it.Like the childrens toys that are painted with paint that has lead in it. I ‘m wondering if that is true.
Comment by Jill — September 4, 2007 @ 10:02 pm
Today’s news bring bad news for Leona’s plans for her dog, Trouble — her brother isn’t interested in caring for Trouble, and there’s a rule against her being buried with Mrs. Helmsley despite Helmsley’s wishes. Oh, and the dog is being sued (again) for biting an employee.
My problem would be similar to Leona’s (minus the $12 million, of course) - who do I know who would be willing and capable of caring for my animals? Most people I know have their limit already and the rest don’t want them. Family members don’t always share similar love for your animals, and if they do, there’s still the problem of over-load. I made it my promise to my separation-anxiety dog that I would out-live him so he would never have to suffer my absence, and when he died in June it gave me some relief to know that my promise was kept. My cats could live with anyone who loves them, but they would have to be separated and live in different homes. (Yes, Pepper, I know that’s what you want anyway — to make the “boys” go away.)
Comment by shadepuppy — September 5, 2007 @ 9:15 am
I highly recommend Frances Carlisle as a pet trust laywer.
Her website is at:
http://www.francescarlisle.com/
Comment by Danny — January 17, 2008 @ 11:27 am