Letter to the Editor: Protect Your Pet

Spring is about 25 days away. Actually about 25 days and 5 hours, but who’s counting? With spring right around the corner, I was recently reminded of a change in the law that goes into effect this April, Pet Trusts.

What does a Pet Trust do? Starting on April 7, 2011, the Massachusetts General Laws will now recognize an individual’s right to put money into a trust to provide for the long term care and maintenance of animals.

For those of us living in an agricultural community or who treat our pets as a cherished member of the family, this can be an issue of some concern. When trying to get their affairs in order, people have a remarkable sense of the family dynamics that are involved when it comes to pets. I have done planning for quite a few individuals whose biggest concern is not who gets the family silver, but who will take care of Fido or Mittens.

If you think this sounds crazy, don’t forget, Leona Helmsley left $12 million dollars in trust to her dog Trouble. The amount was later reduced by the court to around $2 million, which is still nothing to whine (or bark) about.

If you are wondering what a Pet Trust would look like, here are some of the basics:

1.  The animal that benefits from the trust must be alive when the trust is created by the Donor.

2.  The trust can be set up and in effect during the Donor’s lifetime, which can be very helpful if someone becomes incapacitated.

3.  The trust ends at the death of the animal and the assets are distributed as specified in the trust, or they can go back to the Donor if alive, or to the Donor’s heirs.

4.  A court can reduce the amount (see above).

In addition to the question of who would take over the care and maintenance of an animal or pet, many people are concerned about passing on the additional costs that taking care of that pet might entail. A Pet Trust can help address that concern by leaving a pool of money to help offset the expenses.

So if you have a cherished pet or animal in the family, and you are wondering how to care for them if something should happen to you, a Pet Trust may be in your future.

Jay Marsden is an estate planning attorney in Holliston. Whether planning for two or four legs, he can be reached at 617-306-1572 or via email at jay@jmarsdenlaw.com.