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Retirement
Put Spot in the will
February 26, 2001: 8:42 a.m. ET

A little preparation will guarantee your pet is cared for after you are gone
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NEW YORK (CNNfn) - A lot was said about Doris Duke's billion-dollar will when the tobacco heiress passed away in 1993.

That she left the bulk of her fortune to her butler spawned rumors about the true nature of their relationship and conspiracy theories that Bernard Lafferty may have had a hand in writing her will. That she left $100,000 to her dog, Minnie, was considered proof that Ms. Duke was as eccentric in death as she was in her reclusive life.

The sum may have been more than Minnie needed to be comfortably kept following her owner's demise. But Ms. Duke's concern over her orphaned pet is one that many dog, cat and lizard-lovers alike share. At least she had a well-prepared will that stood up to scrutiny even when Minnie's good fortune was later contested by the executor of her estate.

That's right. A trust fund for Spot

Preparation is, in a word, the key to making sure your furry, feathered and scaly loved ones are looked after once you are gone. Legally, animals cannot inherit either your property or your money, but you can provide for them by establishing a trust from which a caretaker can draw for their food, vet visits and toys.

graphicBe as specific as possible about how they are to be treated and by whom, suggested Mike Janko of the National Association of Financial and Estate Planning. Pick a trusted friend or relative to care for the animals. Specify where they are to live and the conditions under which they will live and make sure there is enough money to pay for their food and care.

Want your pet to get a weekly grooming even when you're not around to shuttle Spot to the dog wash? You can state that in the trust and as long as there is money for it, it's up to the caretaker to make sure the mutt gets its regular beauty treatment.

If you think your pet will only be happy living in the same home where he was raised, you can also demand that your caretaker not remove the animal from his home.

Much like trusts for children, animals trusts protect a certain amount of money that is to be used for the care of pets after the owners die. And, like trusts for children, the owner must choose someone to oversee the trust.

Pick someone trustworthy

As with so many contracts, however, there is no certainty the caretaker will honor your wishes. Janko said you should find someone who is trustworthy and, though they may not be as devoted to your animal as you are, will honor your memory well by caring for your pet faithfully.

Of course, it wouldn't hurt to create a little financial incentive for the caretaker to do that. If you are flush when you leave this planet, and it is important enough to you, Janko said you can stipulate in the estate that the caretaker is to receive a sum of money for their services.

It is also a good idea, if you can, to name a separate trustee for the trust who is not also the caretaker, said Janko. There is far more certainty that your wishes are being carried out if there is more than one person administering the terms of the trust.

Alas, a trust fund is not going to be the answer for all pets. In the case of Doris Duke's pampered pooch, there was certainly enough money left to merit the cost of setting up a trust.

The legal fees for setting up a trust dedicated to pet care could cost up to $2,000 in legal fees, so if you only have a few hundred or few thousand dollars to leave your animals, it may not be financially feasible.

Animal protection groups will help

One alternative to consider is leaving a sum of money to an animal protection group and state in your will that your pet is to be handed over to that group when you die.

A handful of these groups, such as the Associated Humane Society of New Jersey, run shelters, called Kitty City and Animal Haven Farm, where your cats and dogs can live out the rest of their lives after you have gone. The "retirees" at the recently-completed Kitty City in central New Jersey can spend the rest of their days lounging in the sunroom or watching videos, all designed to entertain cats with images of birds flying and chirping, in another room.

Roseann Trezza, assistant executive director of the Associated Humane Society of New Jersey, said the group encourages you to make a donation if you are willing them your pet. And, although cats and dogs can live happily at the "retirement homes,"  they encourage owners to give their permission to the group to find your animal a good home.

Trezza added it is important to speak first to the group you want to care for your pet before simply willing your animal to them. These groups will not only accept the animals but will help make sure the animals are not automatically turned over to animal control agencies when a person dies.

The Associated Humane Society informs people who want to leave them their pets they must begin by shipping a copy of the will to the humane society. Once the group knows it has been named benefactor it will supply a wallet card and phone decal acknowledging that the humane society is to get your animals should anything happen.

Trezza said it is also a good idea to let friends, neighbors and relatives know if you have decided to send your pets to an animal protection group.   graphic





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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.