When you think about lifestyles of the rich and famous, images of actors, athletes, and captains of industry come to mind. You may not think about four-legged, furry companions when you conjure images of millionaires but the fact is that there are a few of them out there.  We even refer to our Maltese, Troubles, as the Million Dollar Marketing Dog for our firm.  You can see her on our website at www.parmanlaw.com.  Our clients receive birthday cards from her.  For many of us pets occupy a special place in our lives.  And, you can do special things for them if you leave them behind.
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Parman & Easterday are members of the American Academy of Estate Planning Attorneys.

Every once in a while you see a story related to estate planning that jumps out at you, and there has recently been one of these circulating on the web. A very famous high-end fashion designer named Alexander McQueen sadly took his own life back in 2010. McQueen was a man with a deep and abiding love for animals, and in fact he was quoted as saying that his beloved three pet dogs were the only beings in his life that he completely trusted.
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Parman & Easterday are members of the American Academy of Estate Planning Attorneys.

When you are planning for your twilight years and the ultimate distribution of your assets there is one thing that is all but certain: the people that you leave your assets to will be glad to have them. This is not to be flippant, and of course your loved ones will mourn your passing. But once you are gone there is nothing that is going to change that, and as they say, you can’t take it with you.

For the most part the things that you will be leaving behind will be securities, cash, real property, business interests, and personal valuables. But you may have one thing that you find to be of great value that some others may not: your pet.

Pets can slip through the cracks when you are planning your estate because people generally outlive their fine furry friends, and though you can hope for the best you need to prepare for any eventuality.  And, pets such as parrots have quite a long  life expectancy and may outlive their owners a number of years.

The simplest and most direct way to provide for your pet would be to identify someone who agrees to act as caretaker and leave this person the pet in your will along with a bequest to handle ongoing expenses. It is a good idea to allow your potential caretaker and the pet time to bond when possible so that they are well acquainted with one another, which will make the transition easier should it ever take place.

In many states it is legal to set up a trust that is intended to provide for a pet or pets.  Oklahoma and Missouri are two of those states.  You fund the trust, appoint a trustee and someone to care for your pet. They can be one and the same person, or you could have a bank or trust company serve as the trustee.

Whether you choose to provide for the care of your pet through a will or a trust, the most important thing is to find someone who will love the pet as much as you do if at all possible. If you discuss the matter with your family members it is very likely that a suitable candidate will emerge if you don’t already have someone in mind.

Larry Parman
Founding Attorney

Parman & Easterday are members of the American Academy of Estate Planning Attorneys.

If you’re thinking that you can protect your pets by leaving money in your Will, think again.

Under the law, pets are considered property and therefore, cannot inherit. The alternative is to bequeath the money to the person you’ve designated as your pet’s caretaker.

But once the money has been dispersed and the terms of the Will have been met, the estate is dissolved and the probate court is out of the picture. There’s nothing in place to ensure that the designated caregiver uses the money you’ve left behind for the well-being of your pet.

In fact, there’s nothing to stop the caregiver from taking your pet to the nearest shelter.

Now, you might think that your family or friends wouldn’t do such a thing, especially when they know how much your pet means to you. But remember that not everyone is a big animal lover, and even those that are run into situations where having a pet just isn’t practical.

It could be that your caregiver has every intention of caring for your pet after you’re gone but when the time comes, their lifestyle doesn’t really accommodate a pet anymore.

This is why over 500,000 pets are abandoned every year due to the disability or death of their human companions.

Fortunately, you have an alternative.

Many states, including Oklahoma, now have Pet Trust laws. A Pet Trust allows you to designate a caregiver and also name a trustee to oversee the funds. Because the assets are held in a trust, the trust document stays active after you pass away and can be enforced by the courts. This means that you now have a checks and balances system in place to ensure your pet is receiving the care they deserve and that the funds are being spent appropriately.

To learn more about pet trusts, give us a call today.

Larry Parman
Attorney at Law

Parman & Easterday are members of the American Academy of Estate Planning Attorneys.