Given the bond that forms between many people and their pets, a part of estate planning that’s important not to overlook is what would become of your pet if you were to pass away or become too incapacitated to care for it.
In accordance with Texas law, what provisions could you make for your pet? Can you include them in a trust or will?
Bequeathing them to someone else
In your will, you can specify a beneficiary who would take ownership of your pet upon your death. Once that person becomes a legal owner, he or she can keep your pet or perhaps sell it if they wish to. While writing up your will, you can have a discussion with potential beneficiaries about who might want to obtain ownership of your pet.
If you don’t want your pet to be sold, you should try to select a beneficiary who would keep it and take good care of it; you can also name alternate beneficiaries/caretakers. Furthermore, you could also bequeath your pet, along with some money, to an organization that takes care of them.
Another possibility is to specifically set up provisions for your pet as part of a trust. Texas law allows you to designate resources to your pet in a trust and specific terms for how they should be cared for (however, you can’t include provisions for any children your pet may have after your death; the animals must be alive when you are). In overseeing the trust, your trustee will ensure that the money set aside for your pet is spent on its care and that it’s being looked after by the caretaker you’ve designated in the event of your incapacitation or death.
Once your pet has passed away, anything remaining from the funds you set aside for its care can then go to human beneficiaries you’ve specifically named (if you name no one, it would go to anyone who is your heir by law). It’s important, when setting aside funds for your pet’s care, that you don’t opt for an excessive amount of money.
The amount must be reasonable and based on what your pet needs. If you set aside too much, your decision is more likely to be challenged in court by beneficiaries who would want the funds in human hands, for human use.
If you want to further discuss how to fit your pet into your estate planning, and if you have any other questions on matters of estate law, contact us. We will work with you to make sure that all details are accounted for in your estate plan, both for your human beneficiaries and for any pets whose needs you may want to see to when you’re no longer able to care for them.