Estate Planning for Pets
For many pet owners, 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, under Oregon law, an individual can leave in trust for his or her pet the amount required to care for the animal over the term of the trust. This statute allows 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 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.
Contact the Law Office of Eden Rose Brown today so you can ensure that all of your loved ones are cared for, even when you are unable to care for them directly.
Estate Planning for Pets
For many pet owners, 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, under Oregon law, an individual can leave in trust for his or her pet the amount required to care for the animal over the term of the trust. This statute allows 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 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.
Contact the Law Office of Eden Rose Brown today so you can ensure that all of your loved ones are cared for, even when you are unable to care for them directly.
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