She knew that the client liked to donate to the Arizona Humane Society (AHS), so she gave them a call. In a moment of serendipity, she found that AHS has a Continuing Care Program for its Legacy Circle members where, if their owners predecease them, they are placed with loving families who have been carefully selected by AHS staff.
“A lot of pet parents – especially those who are older – are concerned about what will happen to their beloved pets when they pass,” explains Vanessa Martin, planned giving manager for AHS. “The Continuing Care Program offers peace of mind to our donors.”
Martin shares that the innovative program is for those who include AHS in their estate plans. She adds that planned giving counts for one third of AHS’ total revenue.
“Other organizations have similar programs, but they often have a specific gift amount,” she says. “At AHS, you can give $500 or $5 million, and we will take the same quality care of your precious pet.”
Another way this program is helpful is that it allows seniors the peace of mind to adopt pets later in life and know that they will be taken care of when it’s time.
The importance of including pets in estate planning
Libby Banks, estate planning attorney and the owner of The Law Office of Libby Banks, says that, in addition to considering options like the Continuing Care Program, there are ways that pet parents can make sure their fur babies are taken care of when they are unable to do so.
“Just like you would create a trust and pick a guardian for your minor children, it’s similar for pets as well,” Banks explains. “One way is a pet trust where money is set aside, and a guardian chosen for the remainder of a pet’s life. If there is money left after the pet passes, it can be donated to a charity like AHS or another that was close to the pet parent’s heart.”
Oftentimes more common than a pet trust is a pet provision, where you add in your wishes for your pet within your estate planning documents.
“Whatever you decide to do to provide for your pets, it is important to put it in writing if you want it to be binding,” Banks explains. “Having a plan in place for your assets, for your pets and for your own care if you are incapacitated will give you immense peace of mind.”
The power of partnerships
One might not think that an animal rescue and an estate attorney’s office have anything in common, but both AHS and The Law Office of Libby Banks are in support of teaming up to make sure that the public is aware of the importance of including pets in estate planning.
“Partnerships like this are so important,” Martin says. “Our partners come from a wide selection of industries, and they support us in a variety of meaningful ways.”
“Unfortunately, a lot of people don’t have someone who will take their pets when they pass or are no longer able to take care of them,” Banks says. “Letting our clients know about programs like AHS’ Continuing Care Program is perfect because a lot of our clients are charity minded.”
The importance of planning
Even if someone isn’t a pet parent, Banks says that no one can overlook the power and necessity of estate planning.
“Big or small, most adults have an estate of some sort,” Banks says. “If you don’t plan for it, don’t worry, the state has a plan for you; it just may not be what you want. While a large portion of estate planning is determining how your estate will be distributed at death, a good estate planner is doing much more. The estate planning professional should assure that you have the right things in place in case you become incapacitated. This provides you with peace of mind for protecting your people and pets.”
To learn more about estate planning (with or without pets), call The Law Office of Libby Banks at 602-375-6752 or visit libbybanks.com to schedule a free initial consultation.
To learn more about the Arizona Humane Society’s Continuing Care Program, visit azhumane.org/news/continuing-care-your-backup-plan.
This content is sponsored by The Law Office of Libby Banks.
