When it comes to caring for pets, owners have a lot to consider: what kind of food to buy, proper exercise and social interaction.
But there’s something else pet owners should consider: If a pet owner is unexpectedly hospitalized or dies, what happens to their furry friends?
That’s where estate planning for pets comes in. On Thursday from 3-5 p.m., Valerie Nevel, a financial adviser, and Daphne Moritz, an attorney, are hosting a seminar titled “Leaving Your Legacy — Estate Planning for Your Pet and Charitable Giving Techniques.” at the Kilton Public Library, 80 Main St., in West Lebanon.
The program is sponsored by the Upper Valley Humane Society (of which Nevel is a board member) and those interested in attending can RSVP at Events@UVHS.org.
In an email Q&A interview, Nevel and Moritz discussed what steps pet owners can take to ensure their pets are cared for if they cannot care for them themselves. The interview has been edited for style and clarity.
Question: What does it mean to estate plan for pets?
Answer: Putting an estate plan in for your pets means legally planning for your pet in the event of your death or incapacity in your will, revocable trust and potentially your durable power of attorney.
Q: What is the first step a pet owner should take?
A: The first step is to figure out who would care for your pet if you were unable to do so. Then, you want to approach that person to see if he or she would be willing to care for your pet if something happens to you. You want to consider whether they would have the financial resources to properly care and provide for your pet.
For example, if you have a horse, dog or cat, you may want to leave a pet trust with enough funds in it to financially support your animal.
Finally, you would want to meet with an estate planning attorney to put your plan in place.
Q: If someone does not leave detailed plans for their pet in the case of their death, what can happen to their pet?
A: Your executor if you have a will (or administrator if you don’t have a will) is legally responsible for providing for your pet. Often this means your pet is given to a friend or family member.
However, if no one can be found, the pet often ends up at an animal rescue league or humane society.
Q: What happens if a pet owner goes into the hospital unexpectedly?
A: You should have a plan in place if you were unable to care for your animal for a period of time while you are away or recovering. If you have a pet trust, your successor trustee (the person that acts when you cannot act) can find your animal the proper temporary care.
If you don’t have a plan in place, your animal could suffer needlessly.
Q: Is estate planning for pets a new preparation people are making? If so, when did it become popular and why?
A: In 2004 in New Hampshire and 2009 in Vermont, the Uniform Trust Code was adopted, which enables people to create pet trusts. Prior to that time, you could not legally leave funds to care for an animal. As a result, more attorneys are advising their clients to put a plan in place for their pets.
Q: What type of pets are covered under estate planning? Is it only family pets, or can it extend to farm animals?
A: You can use a pet trust for any type of animal, including farm and exotic animals.
Liz Sauchelli can be reached at esauchelli@vnews.com or 603-727-3221.
