Ohio Law Allows for Estate Planning for Your Pet

By Lisa M. Bitter, Esq.

            You can now set up a pet trust fund as a part of your estate planning.

            As of January of this year, Ohio joined 37 other states that now have passed pet trust legislation.  As a result, pet owners in these states can officially name their pets as the beneficiary of a trust fund, which designates a trustee of the fund and a caregiver for the pet and provides specific instructions for their pet's care. 

            Unlike a will, which takes weeks or months to be probated, the pet trust is a legally approved arrangement that takes effect immediately to help the person designated in the trust plan to care for the pet.

            Needs of pets are similar to those of minor children who need a guardian and living expenses in the event of the death or incapacity of their caregiver.  Except with a pet, the courts will not step in if you do not provide for your pet. 

            Selecting a friend, relative or other reliable person for the positions of trustee of the fund and caregiver for the pet is the most important step in setting up a pet trust fund.  Once these individuals are selected, the pet owner, with the help of an attorney, puts every aspect of the pet's care in a detailed document.  The amount of the trust is determined by the life expectancy of the pet based on current age, care requirements as the pet ages and the annual rate of inflation.  A pet trust plan should include instructions on:  type of food for the pet, the environment, exercise requirements, veterinary care and medications, emergency care instructions, special needs, burial or cremation information and designation of what to do with the money left in the fund the pet dies.

            For more information, contact Lisa M. Bitter, Esq.  721-5672 or lmbitter@byhlaw.com.