Pet Estate Planning
Leaving millions of dollars in a will for a pet seems ludicrous. For example, Leona Helmsley’s will made her pet, Trouble, the richest dog in the world—she bequeathed the Maltese twelve million dollars while leaving most of her family members with nothing. But pet estate planning is possible and in many cases practical. Similar to human beneficiary trusts, pet trusts may be drafted to provide legal instructions for the care of a dearly loved pet after its owner’s death. While pets are legally categorized as property, many people consider their pets companions—even family members. Without legal arrangements, a pet is often placed in a shelter and faces abandonment or euthanasia. Finding out what can be included in a pet trust and how it can be secured can help protect a pet from future uncertainty.
Florida law explicitly allows a trust to be created for a pet. Under Florida Statute §736.0408, the trust may be created during the settlor’s lifetime and it terminates upon the death of the pet or, if more than one pet is provided for, upon the death of the last surviving pet. However, many important factors and details must be considered when drafting a will or trust for a pet, as significant problems arise when administering the will or trust.