317-426-9334             445 N. Pennsylvania St., Indianapolis, IN   46204

Planning for Pets

 

Planning for loved ones after you pass is important, and nowhere is this more evident  than  in  planning  carefully  for  what  will  happen  to  your  companion animals after you die. So many people feel that their dog, cat, or other pets, are part of the family, and the animal’s needs should be taken into consideration when planning one’s estate. Lucky for Indiana residents, since 2005 they have had the option of creating a trust for the benefit of their animals to ensure that their pets will continue to enjoy the quality of care to which they have become accustomed.  Legal  protections  for  pets  are  fast  becoming  more  and  more  in demand, and Indiana estate planning lawyer Barbara Baird has the experience to help you ensure that your pet will be well-cared for after you pass.

 

Indiana’s Pet Trust Statutes Make Clear That:

 

  • A trust can be created to provide for the care of any animal that is alive during the pet owner’s lifetime.
  • The  trust  terminates  on  death  of  the  animal;  or,  if  multiple  animals  are named in the trust, after the death of the last surviving animal.
  • The pet owner can either name someone in the trust to enforce the terms,or a person can be appointed by the court.
  • If the court determines the value of the trust exceeds the amount required, it  can  distribute  excessive  funds  to  the  owner,  if  living,  or  heirs  or beneficiaries.

 

A pet trust terminates with the death of the animal, or when multiple animals are named in a trust, with the death of the last surviving animal.  Because a pet may die  before  the  trust  funds  are  exhausted,  a  remainder  beneficiary  must  be named.  Also, since Indiana law regards pets as personal property, the money left for the animal has to be in the care of someone who acts in behalf of the pet, someone trustworthy enough to do as you wish.

 

There are also options such as the Peace of Mind Program at Purdue University School of Veterinary Medicine, which  will  find  homes  and  provide  medical  care  for  pets  in  exchange  for  a testamentary  gift  to  the  Veterinary  school.  There  are  a  number  of  options  in planning for your pet, and Attorney Barbara J. Baird can help you find the one that makes sense for you.

 

 

 

 

 

© Copyright 2018 Barbara J. Baird   •  Advertising Material

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Barbara J. Baird Attorney at Law

445 N. Pennsylvania St

Indianapolis, IN   46204

317-426-9334

© Copyright 2018 Barbara J. Baird  |  advertising material

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