There are two ways to include a beloved pet in a will while estate planning. Some people name their pets as beneficiaries and allocate property to their pets to ensure there are resources to pay for their food and veterinary care.
Others might include their pets in their inventory of property and name someone to inherit a companion animal. While both of these choices may stem from the best of intentions, they both fall short of actually protecting pets when the animal’s owner dies.
The limitations of wills
The main issue that stems from including a pet in a will is that animals are not people. Pets cannot be beneficiaries of an estate plan, as they do not have legal asset ownership rights.
Treating the pet as property is a more effective solution, but then the current owner has no control over what their beneficiaries do with their pet after they die. Both scenarios leave the animal at risk of abandonment or euthanization.
Creating a pet trust is a better solution. It allows for the protection of the animal by arranging for its economic needs in advance. It also provides a secondary layer of protection in the form of the trustee, who can help ensure the resources actually go to care for the animal and ensure a reasonable standard of life for it.
Especially in cases involving long-lived companion animals, such as tortoises and parrots, thorough planning is often critical to prevent the misappropriation of resources intended for a pet or other unfortunate outcomes. Funding a pet trust can help people ensure the protection and well-being of a beloved animal even after they pass.