Estate Planning for Pet Owners

Here is a great tidbit sent to me by a friend who happens to be a lawyer. The American Law Institute and the American Bar Association (known collectively as ALI ABA), the continuing education arm of the Bar, is offering a course entitled "Estate Planning for Pet Owners" in which three esteemed law professors are going to educate practitioners on the particulars of planning for one's pets in one's will.

From their brochure: "Helping your clients to plan for their pets care is critically important. The Humane Society of the United States estimates that 4 to 5 million pets are euthanized annually, with more than a million of these as a direct result of the failure on the part of the owners to provide for their pets in the event of death or disability."

Actually that is a startling number and one that gives pause in more ways than one. Apparently 46 states, plus the District of Columbia, have adopted pet trust statutes that permit pet owners to include their pets in their estate plans.

But here's where it many require the services of an attorney, since every state is different and there are lots of aspects to consider including food, medical care, etc.

More proof that pets are big business, especially if the lawyers are getting into the act.