Can Your Pet Inherit Your Money?

 

This guest post is from Isabell Wooddell, Regent Law 2L:

Every dog or cat owner wishes that their pet could live forever. Unfortunately, owning a pet comes with the recognition that you’ll eventually have to say goodbye to your furry friend.

More than likely you’ll outlive your pet, but, this isn’t always the case. Sometimes, you may die first. What exactly happens to your pet in the unfortunate event that you cross the rainbow bridge first?

Every year, thousands upon thousands of pets are surrendered to pet shelters simply because they outlived their owner. There’s no guarantee that these pets will be surrendered to no-kill shelters or even that they will end up in loving homes.

There is actually a way to guarantee that your pet will be cared for even after you die - by creating a “pet trust.” What is that?

A trust is a document whereby one individual places assets under the management of another individual or institution for the benefit of a third person. In the case of a pet trust, your pet would be the third party benefiting from the trust funds. It allows you to set aside funds in a trust to provide for the care and maintenance of your pet if you’re unable to. By establishing a pet trust, you are able to provide immediate care for your pet in the event that you die first, become ill or incapacitated.

Some people criticize pet trusts because your money can arguably be put to better use. Take for example, Leona Helmsley. She was a real estate billionaire who left $12 million in her will to her dog, while she left nothing whatsoever to two of her grandchildren. These types of situations are correctly criticized, however, one has to remember that the Helmsley case is an extreme one.

Setting aside funds for a pet trust can actually be a great use of your funds once you pass on, as long as you don’t take things too far (like Helmsley). Giving a reasonable amount of funds for the care of your pet if you are no longer able to can actually be a biblical pursuit. God entrusts us to care over the Earth, including the animals that preside on it, by giving us dominion over the Earth. Furthermore, Proverbs 12:10 (NIV) tells us that “a man who is right with God cares for his animal, but the sinful man is hard and has no pity.”

Setting aside extra funds you may have to guarantee that your pet is cared for after you pass on is a way that you can honor your biblical duty to take care of those over whom you have dominion.