Planning for pet care after one dies is an area of estate planning that people often overlook. Sometimes, a family member will step up to take care of the pet. However, when family members are not willing or able to take on the responsibility of caring for a pet, the pet could end up in a shelter.
Fortunately, an estate-planning attorney will make sure that a strong estate plan contains adequate resources to provide for the pet. In Illinois, one can go about providing for a pet in two ways. However, both methods are not equal.
The first option is for the pet owner to make a bequest in a will to a family member providing resources to take care of the pet. While this method is easy because the bequest is usually part of the main will, it may not be in the best interest of the pet. Illinois wills usually have to go through probate, which can mean long delays before the funds are available for the pet care. Moreover, wills are open to challenges during probate, which may mean even longer delays.
Another way to provide for a pet is through a trust for domestic or pet animals. Illinois specifically allows these types of trusts, and allows courts to construe the governing instrument liberally to implement the transferor’s intent. Moreover, courts are able to consider extrinsic evidence in order to carry out the transferor’s intent in providing for their pet.
More importantly, these types of trusts do not go through probate, meaning that the funds are available immediately for the care of the pet. Moreover, the Illinois statute contains two additional important provisions. First, if there is no pet at the time of the death, any funds allocated to pet care in the trust would either follow the terms of the trust or estate plan, or if there are none, they’d go to the heirs of the grantor of the trust. Second, a court is able to reduce the funds in the trust if it determines that it substantially exceeds the amount needed for the pet care.
Planning for the care of a loved pet is very important to many people. If you have questions, please consult an Illinois estate planning attorney.