Trust Me, I’m Not A Veterinarian

In another life, I was for 20 years a fee only financial planner and author.

During that period, I witnessed many complicated buy sell agreements, succession plans, as well as estate plans and pre-nuptial and post nuptial agreements.

Prior to leaving practice in 1996, more and more individuals and couples were providing for their companion animals in their wills and trusts - first, through appointing guardians but towards the end several took advantage of Colorado’s allowance for companion animals being named as beneficiaries in trusts for the companion animals.

Today, 30+ states now allow these trusts - an implicit admission - that our companion animals are not just depreciable property like a couch or 42″wide screen TV screen (though this is the typically veterinary defense to limit damages at the same time these vets promote the animal human bond and pets as part of the family!)

Despite second marriages and blended families, there is still an omission in pre and post nuptial agreements - for want of a better word  - a pre-puptial (c) agreement.

In case of divorce, disability, separation etc provision should be considered as to who gets primary custody of the dog or cat - before the problems occur. Buddy, Max, Cleo etc should not be a ping pong ball - let alone a weapon as kids often are in a divorce.

Now I’ve seen lawyers go overboard on pet provisons - but first and foremost is who gets primary care and custody of the dog and cat - recognizing our companion animals are not ‘a couch’ not human beings (some would say better) but rather next to kin - or at least living property - and treated to a standard of care and custody better than a plant of a 42″ HDTV

When it is time (hopefully at least bi-annually to review your estate plans - review with counsel not only pet trusts upon your pass but also provisions via a pre-puptial agreement for your companion animals in the effect of split up.

 

 

 

 

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