Woman Leaves Life Insurance Policy to her Cats and Dogs

Do you want to be certain that your pet will be taken care of when you die? Can you leave your dog, cat,or fish money in a Florida trust? How can I gift my Florida estate to my beloved fur baby? On May 18, 2017, The Oregonian reported that an Oregon woman has decided to leave her life insurance policy to her pets.

The article explains that, in Oregon, you cannot bequeath your house or money to your pets. However, you are able to have a life insurance policy that a designated guardian could cash out and use for her pet’s benefit. Click here to read the entire article. In Florida, you can actually leave your pets an inheritance in what is known as a pet trust. Pet trusts help guarantee that your pets would continue to live a great life if you were to predecease them. Sadly, when people die without planning for their pet, there is a good chance that their beloved dog or cat will end up at a local shelter. However, probate litigators know that you do not have to let this happen. Ask your West Palm Beach estate planning lawyer to help you. Your West Palm Beach estate planning lawyer will probably refer to Section 736.0408 of the Florida Statutes when discussing a pet trust with you.

Section 736.0408, “Trust for the Care of an Animal”, provides:

1. A trust may be created to provide for the care of an animal alive during the settlor’s lifetime. The trust terminates on the death of the animal or, if the trust was created to provide for the care of more than one animal alive during the settlor’s lifetime, on the death of the last surviving animal.
2. A trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is appointed, by a person appointed by the court. A person having an interest in the welfare of the animal may request the court to appoint a person to enforce the trust or to remove a person appointed.
3. Property of a trust authorized by this section may be applied only to the intended use of the property, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the terms of the trust, property not required for the intended use must be distributed to the settlor, if then living, otherwise as part of the settlor’s estate.