A pet trust is a legal arrangement that allows you to designate how your pet will be cared for after you pass away. Many families worry about what will happen if they pass while their animals are still alive. This trust can provide peace of mind, knowing that the caregiver will care for your furry friend to your standard. All 50 states have laws allowing pet trusts.
A pet trust is used to specify who will care for your pet and how they will do so. It can set aside money to cover the costs of care. Pet trusts ensure that your pet has the same standard of living after you’re gone. Your pets will be considered personal property if you do not have an estate plan. An heir who will receive other items you have left behind can also obtain your pet. If you do not have a trusted family member who will take your pet, there are other solutions to help ensure proper love and care of your pet – a pet trust. Like other securities you set up during your living years, a pet trust is a wise investment to ensure your animal will be appropriately taken care of when you are gone.
First, you’ll need to find a trustworthy person or organization to serve as the trustee. This person will carry out your wishes and pet care requirements. Your trustee will ensure the caregiver is giving adequate care to your pet. Leave your pet with a trusting family or friend that will respect all of your wishes when you are gone. Make sure this person likes pets and has the availability to take your animal to required appointments and exercise plans.
Decide how much money to set aside for your pet’s care. Pet care will depend on factors like the type of pet you have, its age, and its health needs. You’ll want to make sure there’s enough money to cover all of your pet’s needs, both now and in the future. Remember routine costs like food, grooming, exercise, and yearly checkups when considering your pet’s needs. Get estimations of how much teeth cleanings and emergency care can cost. It would be best to consider additional costs as your pet ages. Generally, more complications happen as your pet ages, so it is crucial to ensure that you leave enough money for your caregiver for old age and even end-of-life care for your pet. A pet trust can also cover burials or cremation arrangements.
Finally, you’ll need to put your trust agreement in writing. This document will spell out your wishes for your pet’s care and serve as a legal contract between you and the caregiver. Once it’s signed, it will be binding on both parties. Make sure your trust is as straightforward as possible. Include any specific types of food, grooming, exercise, or any routines you want to maintain. Do not leave anything up to interpretation that could compromise your pet’s level of care.
A pet trust can give you peace of mind, knowing your furry friend will be taken care of after you’re gone. By setting an estate appointment up with an experienced estate planning attorney like Rowe & Walton, PC, you can ensure your pet is protected and provided for while you are living and even after you are gone.