Your pets are part of your family. For some us, they’re closer than ACTUAL family.
Oregon is one of the few states that allows you to create pet trusts to care for your pets after you’re gone. ORS 130.185 states that a trust can be created to care for your animals. These trusts end when your animal dies. Any remaining funds in the trust are passed on to other beneficiaries such as charities, family members, or friends who cared for the pet.
The long and short of it? Your adorable, beloved pets are in the best hands possible because the humans will have the money and the knowledge of how to best take care of them.
I care for disabled and sick animals. What will happen to them after my death?
A pet trust is ideal for you. When you care for disabled or sick animals, it’s important to include them in your estate plan. Cold as it seems, your pets are considered personal property under traditional trust law. Of course, we know how they are part of your family.
When you have a disabled or sick pet, they may not easily find good homes after your death, and may even be considered a liability to your estate. A trust under ORS 130.185 is an excellent solution to provide for the care of your pets. We can help you.
I want my pets to be cared for, but I don’t want them to inherit my entire estate? Should I use a pet trust?
Don’t worry. This will not turn into a “Beverly Hills Chihuahua” situation. Incorporating some pet trust provisions in a revocable living trust might be the best way to go. (Also, I know, hacky reference. Sorry.)
What happens when my pets die?
After your pets live a long and happy life, cared for by your custom pet trust, you can specify that any remaining funds will pass to whomever you want. Popular choices include the Humane Society or the friends who took care of your pets.
Photo Credit: Gonzolo Diaz Fornaro via Flickr.