As cherished members of our families, pets hold a special place in our hearts. Just like any other family member, it is crucial to consider their well-being and future care, especially in the event of our passing. Incorporating your pets into your estate plan provides a way to ensure our furry and feathered companions receive the care they deserve.
Ohio, like many other states, recognizes pets as personal property. Because of that, pet owners can incorporate their pets into their estate plan through a variety of mechanisms. The first option is to include provisions within a Will. A pet owner can name a caregiver for their pet and allocate funds for their care, although this method is subject to the probate process and may not provide immediate access to funds for the pet’s needs.
Another option is to create a Pet Trust. Whether provisions are added to an existing individual’s Trust, or an entirely separate Pet Trust is created, this is a legally enforceable document that outlines care instructions and arrangements for the pet in the event of the owner’s incapacity or death. The main components include identifying a caregiver and allocating funds to the Pet Trust for items like food, veterinary expenses, and other necessities.
Steps for Pet Estate Planning in Ohio
1. Identify a Caregiver Choose someone you trust to care for your pet if you are no longer able to do so yourself. It’s always a good idea to name a backup caregiver.
2. Allocate Funds Determine the amount of money needed to provide for your pet’s care including food, veterinary expenses, grooming, any other necessities.
3. Create Legal Documents Consult with an attorney experienced in estate planning to create the necessary legal documents to ensure that your wishes are enforceable.
4. Review and Update Regularly Periodically review your pet’s estate plan to ensure it remains up to date with any changes in your pet’s care or your own circumstances.
While cats and dogs are the most common pets, the Pet Trust can be drafted for the benefit of horses, cows, birds, or any other domestic pets.
Pet estate planning is an important aspect of responsible pet ownership, ensuring that beloved friends are cared for even when you are no longer able to do so yourself. By taking the time to plan ahead and make provisions for pets, you will have peace of mind knowing that they will be well cared for no matter what the future holds.
To discuss estate planning options for your beloved pet, contact the Estate Planning and Wealth Preservation attorneys at RCO Law at 419-249-7900.
-By Attorney Marissa K. Fitzpatrick, published in the Buzz Book, June 2024.
ABOVE: Paso, a four-year old Golden Retriever, owned by Attorney Doug Huffman, frequently visits the Firm's Findlay Office on Sandusky Street.
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