If you've been to my office, you've likely been introduced to my sweet boy, Riley.  I'm one of those people who dotes on their pets.  I know....not everyone appreciates that, but I don't have kids, so Gracie, my bichon frise and Riley, my yorkie, are my kids.  I'm not alone, and if you are a pet lover, you understand how they can impact your life.  These were the two who I worried about when I was in the hospital for five weeks.  These were my pals who sat with me for a month keeping me company when I was home recovering from my illness.  Riley is the one I sat up with night after night when he got hit by a car, making sure he was still breathing okay.  

For many pet owners like me, pets are members of the family.  Given the feelings of many individuals towards their pets, and the costs of care and longevity of some types of pets, planning in this area can be of critical importance.  Today, thirty-eight states and the District of Columbia have enacted statutes pertaining to pet trusts, and others have legislation pending. These statutes allow virtually any third party designated by the terms of the trust to use the trust funds for the benefit of pets.

 The pet's current standard of care determines the endowment amount required to provide care for the pet. Factors include: the cost of daily care (food, treats, and daycare), veterinary care (yearly teeth cleaning, shots, nail trimming, and emergency care), grooming, boarding, travel expenses, and pet insurance. Additional factors may apply in particular cases. For example, horses are expensive to maintain and require exercise, training, and a large tract of land; some birds and reptiles have very long life expectancies; and care of some pets will require construction of a special habitat on the caregiver's property.

 Even if your state does not have a specific pet trust statute, a pet owner can name a human caregiver as the beneficiary of a trust, require that the distributions to the beneficiary are dependent on the beneficiary caring appropriately for the pet, and require the trustee to ensure that the beneficiary is properly caring for the pet using trust assets. This type of trust may be used without regard to whether the state has a specific pet trust statute.

Talk to your estate planning attorney about how you can best provide for your four-legged friends.