Magazine article Insight on the News

Don't Forget Fido When Disaster Strikes. (Nation in Brief)

Magazine article Insight on the News

Don't Forget Fido When Disaster Strikes. (Nation in Brief)

Article excerpt

Two stories of possible interest to the nation's many pet owners have crossed the radar screen here in the Briefs Bunker. One is a report from Lawyers Weekly USA newspaper concerning estate planning that includes animals as beneficiaries. Thirteen states now have laws allowing "pet trusts." Conventionally, those concerned about the welfare of their animals simply leave the pet and some money to a trusted friend or relative.

Apparently fewer people these days have a friend or relative who would take on the project. "Pet trusts" also are helpful in cases where the animal might be a bit more than the average friend or relative cares to handle, such as a horse. The average amount of money put into such a trust is $25,000, according to Lawyers Weekly. Some pets have been left houses, ranches and trucks.

Trusts tend to be specific about the type of care to be provided, the amount of money to be spent and the stipend, if any, for the caretaker. In states that do not allow for such trusts, challenges by heirs tend to be effective. A way around that, according to the article, is to name a caretaker beneficiary and condition payments on proper care of the pet. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.