I’m happy to share another interview with our pet parent community! July is a special pet month to celebrate pet safety, pet loss prevention, and quality of life. Your pet’s quality of life includes their long term care in case something happens to you. Attorney and pet lover, Peggy Hoyt offers a solution: A Pet Trust. Peggy talks to us about a Pet Trust and what it means for your pet’s quality of life.
Enjoy my interview with Peggy!
Peggy Hoyt Founder, Animal Care Trust USA
How did animals influence you to start a business for pet parents and their pets?
I have been an animal lover since birth. I asked for my first horse before I even turned one! I have had dogs, cats, hamsters, turtles, lizards and snakes as pets as a child. I got my first horse at age 10. As a young girl I thought I wanted to be a veterinarian (but what little girl doesn’t?).
After about a decade of working in financial services including time as a financial advisor, I found myself in law school and pursuing a legal career in estate planning and elder law.
My father is John A. Hoyt. He was the CEO and President of The Humane Society of the United States (HSUS) since I was ten years old. He was there for 27 years and I grew up under his spotlight in the developing years of animal welfare.
I was really fortunate to have this experience and the opportunity to be exposed to the issues and the people who were making change in our country for the benefit of animals.
I created Animal Care Trust USA, Inc., partly to honor the legacy of my Dad and partly to provide pet parents with a much-needed resource: a place they could find affordable options to plan for their pets and to secure trustee services for Pet Trusts.
Our mission is to keep loved pets in loving homes by educating pet parents about the dangers of not planning for their pets, offering Pet Trust and rehoming options and providing trustee services. There’s no other organization that solely serves the pet market like we do.
Tell our readers about your pets. What kind of pets do you have?
I currently have three horses (Reno, Heaven and Spirit), six dogs I share with my husband (Wolfie, Holly, Blue, Piper, Darla and Bingo), two dogs I share with friends (Abbie and Pete) and two cats who have agreed to live with me (Forrest and Jenne).
Sometimes people ask why I have six dogs and I tell them, “Because my husband won’t let me have 10!”
Please tell our readers how you became interested in providing a Pet Trust for your clients. How did it all begin?
It actually started almost 20 years ago now. As an estate planning attorney, I am trained to protect people and their loved ones (family members).
As a married person without any two-legged children, I only have the four-legged variety – my pets. One day I was speaking to a friend about writing a book and he said, “You really love pets so you should write a book about planning for your pets.” We tossed some names around and came up with All My Children Wear Fur Coats – How to Leave a Legacy for Your Pet. It was perfect and the rest is history.
All my children do wear fur coats! So, when I wrote All My Children Wear Fur Coats, it was the first of its kind written by a lawyer to help people plan for their pets. This was also right around the same time that states started adopting Pet Trust statutes. Florida had just adopted theirs. Now, all 50 states and D.C. authorize the creation of a trust for the benefit of a pet.
The Law Offices of Hoyt & Bryan focuses solely on estate planning, estate administration and elder law. So, clients come to us for estate planning and elder law and then discover that doing business with us may not be what they expected.
Our office feels like a home, including being greeted by our two office dogs, Abbie and Piper. We care about people, their families and their pets.
Do clients come to you because they want a Pet Trust as part of their estate plan? Or do you provide a Pet Trust as an additional service?
Sometimes clients ask me, but many times I’m the one asking the question. My Personal Information Profile asks all clients about their pets and the plans they have created to protect them. Sometimes clients are tickled I even ask the question and think I’m kidding.
Others completely understand that planning for our pets is the same as planning for our minor children. Unlike our kids, our pets never grow up, never get jobs and are never financially independent without our help. If something happens to us, they rely on us completely to make sure they have a place to live, food in their bowl, proper medical care and money to provide these requirements.
How does a Pet Trust work?
A Pet Trust is a legal instrument recognized under state law where a loved pet or pets are the beneficiaries. The pet caregiver and Pet Trustee basically work for the pets; to ensure they are being properly cared for according to the instructions in the trust.
A Pet Trust Protector is someone who can enforce the terms of the trust if the Pet Trustee or pet caregiver are not doing their job. Members of a Pet Care Panel can be an additional form of oversight providing even greater peace of mind to the pet parent that their pet is receiving proper love and care.
Is there a difference between a Pet Trust and a pet legacy plan?
Likely the biggest difference is that a legacy plan may not include a Pet Trust (a legal instrument) but could include written instructions for the lifetime care of a loved pet. My preference is to use a Pet Trust so there is accountability for the pet caregiver and the Pet Trustee to ensure the pets are properly cared for.
What’s the difference between a will and a Pet Trust?
A Will (or Last Will & Testament) is a legal instrument that sets forth the wishes of the maker regarding the payment of creditors and distribution of assets from their estate after death.
A Will only controls those assets that are owned by an individual at the time of their death. As a result, many assets are not controlled by a Will and instead pass to a joint owner or a named beneficiary. If those assets were supposed to protect the pet, then the plan doesn’t work. And, most importantly, a pet cannot be a beneficiary of a Will.
A Pet Trust is not a Will. It is another form of legal instrument governed by state statute that specifically authorizes a pet as a beneficiary of a trust. A Pet Trust can be part of a Will (but I don’t recommend planning for pets in this way) or a Pet Trust can be part of a Revocable Living Trust or as a Stand Alone Pet Trust.
Trusts are created by an individual and take effect during the lifetime of that person. A Pet Trust can include instructions for how pets should be cared for if the pet owner becomes disabled during their lifetime and unable to care for their pets, as well as how they should be cared for at the time of the pet parent’s death. A Pet Trust will also provide for distribution of the remaining assets at the end of the pet beneficiary’s lifetime.
I personally recommend charities as final Pet Trusts beneficiaries to avoid potential conflicts with people that might want the Pet Trust terminated so they can get their inheritance.
Trusts have Trustees responsible for the day-to-day management and administration of the trust assets. Trusts control only those assets that are titled in the name of the trust or where the trust is named as a beneficiary. In all cases, making sure a Pet Trust is properly funded so there are plenty of assets to take care of the pet beneficiary is critical.
Is there a way to bundle a Pet Trust into one package for multiple family pets?
Yes! A properly drafted Pet Trust can provide for multiple family pets.
My 11-13 pets are the beneficiaries of a Pet Trust where upon my death, my pet caregiver will move into my home to provide care for my pets.
My Trustee will make sure my pets are provided for properly and will make distributions of the Pet Trust assets to pay their pet caregiver, maintain the home and property, pay for their food, veterinary and other care expenses.
Is a Pet Trust a new idea or has it been around for a while?
Pet Trusts aren’t really a new idea. The first time a trust for the benefit of an animal was recognized in the United States was 1926 in Kentucky.
However, it wasn’t until the 2000’s that states started adopting Pet Trust statutes. In 2016, Minnesota was the last state to adopt a Pet Trust statute. Now, all 50 states and the District of Columbia recognize a trust for the benefit of a domestic pet. That means everyone can protect their pets with a Pet Trust!
In your profession, do you see a trend in pet parents interested in a Pet Trust?
Absolutely. Every day in the media we see pets portrayed as vital members of our family. The laws are changing that recognizes their unique status in our lives. Their lives are precious and they offer us unconditional love. No one can love you like your pet.
I have prepared more Pet Trusts than I’ve kept count of. Every day I meet someone interested in planning for their loved pets. It makes me happy that people love their pets and want to make sure they are safe and cared for.
As an estate planning attorney, does your Pet Trust service give you a competitive advantage?
Definitely! It is not unusual for people from all over the country to reach out to me for Pet Trust planning services. I have spent more than a decade speaking, writing and spreading the good word about planning for your pets. I have been featured in the Wall Street Journal and on CNN Financial News. I am regularly asked to speak at estate planning events for charities and estate planning organizations.
My weekly Pawcast, All My Children Wear Fur Coats also gives me a platform to interview all kinds of people in the pet industry that can help spread the word and tell their clients and friends as well.
Is your specialty in Pet Trust and estate planning evolving? Where do you see the profession evolving for the future?
What do they say, “Grow or die?” Absolutely Pet Trusts and estate planning are evolving and pets are becoming central to many estate planning practices. I would love to see every estate planning and elder law attorney help their clients plan for their pets.
I see animal shelters and rescue organizations starting to offer lifetime care programs for the pets of their donors. I see more individuals offering sanctuary and lifetime care services for pets. I’d love to see Animal Care Trust become a household name so no pet goes to a shelter if their pet parent becomes disabled or dies.
Hopefully we can reduce the 500,000 loved pets that are euthanized annually because their pet parent didn’t have a plan to zero!
What’s the most important thing pet parents should know about a Pet Trust?
A Pet Trust should be prepared by a qualified professional. I don’t think this is a “do it yourself” project because there are just too many ways poor drafting could result in negative consequences for a loved pet. You’d never want your pet to be homeless or end up in a shelter because of poor planning.
It is important for pet parents to carefully choose their pet caregivers and alternates, their Pet Trustee, the Pet Trust Protector and whether they want to use a Pet Care Panel. Deciding where they want their pets to live is important too – in a family home, in a sanctuary or even stay in their own home.
Personally, my pets will be staying at my house (the one they let me share with them) and my pet caregiver will move in to take care of them! Most important is making sure there is sufficient money to provide for their lifetime care.
Can you share an interesting story about a Pet Trust that your worked on?
Sure. I had a client who wanted to provide for his five cats. This was early in my pet planning career and we created a Pet Trust as part of his Last Will & Testament (called a Testamentary Pet Trust).
When he died, it took much longer than expected (4 months) to get a Personal Representative appointed so that his estate would be available to provide for the care of his pets. It is for this reason I no longer recommend setting up a Pet Trust as part of a Last Will.
A proper Pet Trust should be part of a Revocable Living Trust or as a Standalone Pet Trust. Waiting on the court to act can have adverse consequences for pets. Fortunately for my client and his cats, his pet caregivers were willing and able to provide care until there were funds available for them to get paid. Ultimately, the youngest cat was placed in a loving family home and the four senior cats were placed with a senior cat sanctuary where they lived out their lives with love and care.
Do you have a network of Pet Trust resources? For example, do you refer pet parents to animal rescue groups, pet retirement homes and animal sanctuaries?
I definitely have a network of pet resources. I’ve been building these relationships for most of my life. I’m always happy to make referrals to rescue organizations, retirement homes and animal sanctuaries. Animal Care Trust USA could not accomplish its mission without the support of a committed network of people who love animals and the organizations that serve them.
Animal Care Trust USA is actively building a Trusted Advisor Network as well. We need attorneys, certified public accountants, financial professionals, health care professionals, pet industry professionals, just to name a few to join with us to help spread the word about the benefits of Pet Trusts. If you are interested, you can visit ACT4Pets.org and register.
Is your organization a non-profit or a commercial business?
Animal Care Trust USA, Inc., is a national nonprofit organization recognized by the Internal Revenue Service as a 501c3 organization. All donations are appreciated and are tax deductible.
We offer the ACT4Pets Community Pet Trust, the Forever Loved Pet Trust and provide Trustee Services for all kinds of Pet Trusts. We can help create a custom Pet Trust or work with attorneys across the nation to provide guidance and advice.
The Law Offices of Hoyt & Bryan is a law firm located in Oviedo, Florida. We have four estate planning and elder law attorneys. We are the only Florida law firm with two attorneys who are Florida Bar Board Certified Specialists in Wills, Trusts and Estates and in Elder Law.
Our motto is “Partners in planning. Friends for life.” We strive to develop lifelong relationships with our clients and their loved ones.
Tell us about your podcast, “All My Children Wear Fur Coats” and your book of the same name.
I like to call my podcast a Pawcast to honor the pets that inspired its creation. Every week I get the opportunity to talk to a leader in the pet industry.
Sometimes I talk to rescue organizations, sometimes to entrepreneurs who have developed a product to improve the lives of pets and their people, sometimes to health and wellness professionals. Everyone has a story to share and is in some way improving the lives of our loved pets.
My book, All My Children Wear Fur Coats currently being re-written for a third edition, discusses pets from a variety of perspectives. We explore pets in America today, how to protect your pets in the event of a natural disaster or emergency, creating a legacy for your pet using a Pet Trust, pet loss and grief, ensuring pet parents have done their own proper estate planning, charitable giving opportunities and some fun stories about loved pets.
The book is packed with additional resources including checklists and sample language for drafting legal documents to protect pets. The proceeds help support Animal Care Trust USA, Inc.
Can our readers find you on social media?
It would be hard not to find me on social media. You can find me, Animal Care Trust USA, and All My Children Wear Fur Coats on FaceBook, LinkedIn, Twitter, and Instagram. The Pawcast is available on Buzzsprout or wherever you get your favorite podcast.
Are there any closing thoughts you want to share with our pet parenting community?
Please take the time to plan for your pets. Don’t ever assume that your family or friends will care for your pets, even if they say they will. They may have good intentions, but hope and promises are not a plan. Work with a qualified estate planning or elder law attorney to create a properly drafted and funded Pet Trust.
Reach out to me or Animal Care Trust USA for affordable Pet Trust options and Pet Trustee services. Tell your friends to protect their pets with a Pet Trust. Support your local pet rescue organizations that work so hard to make sure pets of all shapes, sizes, temperaments, health and age are loved.
Thank you Peggy!
Think about your pet’s quality of life and how your Pet Trust will provide their long term care.
Thanks for stopping by!
Dr. Pet Mom
“Our perfect companions never have fewer than four feet.”
–Colette
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