PET TRUSTS

By Greg Jones

Research abounds about the positive health benefits that are afforded by pet ownership—not just to the owner, but also to the animal.  In particular, the Research Center for Human-Animal Interaction at the University of Missouri is doing amazing work in this area.

Some of the individuals who benefit the most from human-animal interaction are seniors.  However, many of the seniors that I have encountered are reluctant to get pets.  They fear that they will outlive their beloved companion and that nobody will be there to adopt the animal and care for it in the manner to which they believe the pet deserves.  Sadly, those fears are well-founded.  In fact, it is estimated that approximately 500,000 pets per year are euthanized when their owners predecease them.  There is a legal solution to this, however.

In 2004, Missouri became one of nearly 40 states which specifically authorizes the creation of a trust for the care of an animal, see Mo. Rev. Stat. §456.4-408.  While it was always possible to create a trust to accomplish this, this statute provides a simplified answer to what is a very important concern for many people.  Of benefit, as well, it has generated greater awareness of pet trusts among the animal-owning public and the legal profession.

As one considers the creation of a pet trust or the inclusion of a bequest in their Will to someone who has agreed to adopt their animal(s), there are a number of questions which should be addressed.  These questions include: 

• Who will care for the pet?  What if something happens to this person?
• Should the caregiver be paid to provide such care?
• Should a separate individual or company be named to manage the pet’s “trust fund”?
• What is the appropriate standard of care for the animal?
• How large should the gift or trust fund be to ensure the animal’s proper care?  (While dogs live 10 to 15 years, parrots can live to be 100!)
• How will trust funds be distributed to the caregiver?  Monthly stipend?  Only as expenses are incurred?
• Who should receive any funds remaining in the trust after the pet’s death?  (In general, this should NOT be the caregiver, but, perhaps, a charitable organization that works in the area of animal health.)

In summary, it is important to work with an attorney versed in this budding area of the law to create the right plan—a plan which will ensure the proper care of Fido or Fluffy long after the owner’s death or disability.
For more information on this subject, please listen to my interview about pet trusts on The Law in Your Life, The Missouri Bar’s podcast for the public.