What Can I Do to Protect my Pets When I Die?
According to Dogster.com, one out of every two households in Florida has at least one pet. It is estimated that there are around 12,500,000 pet owners in Florida. Additionally, almost 40% of Florida households own a dog, and slightly more than 24% of Florida Households own a cat. After dogs and cats, the three most popular pets in Florida are fish, birds and reptiles.
Under Florida law, what can a pet owner do to take care of the pet when the owner dies? In 2006, Florida passed a law allowing for trusts to be created for the care of a pet. Florida Statute 736.0408 allows for a trust to be created that will end upon the death of the pet or pets. These trusts are subject to a reasonableness standard, which allows the court to adjust the funds left to a pet, should the court find the amount to be excessive for the care of the pet. Any interested person can seek court intervention for pet trusts. Any funds remaining upon the last pet to pass away are distributed pursuant to the terms of the trust or to the probate estate if no remainder beneficiaries are listed in the trust. A trust created under this statute may only be used for existing pets, and not future unknown pets.’
A perfect example of a very famous pet trust is the one established by New York hotel queen Leona Helmsley, who died in 2007. In her will, she left $12,000,000 to her pet Maltese Terrier, Trouble, who lived out the rest of his life at a high-end hotel in Sarasota, Florida. The dog died four years after Leona’s death.
When setting up a pet trust, one needs to be mindful of the life expectancy for the pet. A pet’s life expectancy can significantly vary from as little as one year for a pet mouse, to one-hundred years for a pet turtle. Regarding more traditional pets: Dogs tend to live between ten and thirteen years; indoor cats tend to live between twelve and eighteen years; rabbits tend to live between seven and ten years; and goldfish tend to live around five years. Other extreme examples would include certain parrots, who can live up to sixty-five years, and pythons, who can live into their late forties.
One sad side note with respect to pets. Florida law considers pets to be the tangible personal property of the pet owner. Unfortunately, this means that it is legal in Florida to include in your estate plan a provision that calls for a pet to be euthanized upon the death of the pet owner.
If you have a pet, you should consider setting up a pet trust. For more information, please contact one of the attorneys at Revis, Hervas & Goldberg, P.A.
