If you are a pet owner, you know the unconditional love that our furry friends provide. The sheer joy we experience when they interact with us each day is a feeling that’s difficult to match. It is only natural to want our pets to be loved and cared for even if they outlive us.
What happens if my pet outlives me?Pets are a wonderful source of companionship, a Pet Trust can help ensure they get a second loving home after we are gone. The owner can nominate a trusted friend, family member, or charitable organization who would be able and happy to continue taking care of a pet.
What is a Pet Trust?A pet trust is an ideal solution, as it allows the grantor to set funds aside to care for the pet, direct the level of care wished for, and the person or persons entrusted with the responsibility of caring for the pet. Not unlike a regular revocable living trust, a pet trust is a legal document that instructs how any funds set aside should be used. The trust should detail the following:
- A beneficiary (the pet)
- A residuary beneficiary (if money is left over after pet dies)
- A trustee to manage/distribute the funds
- A caretaker to take care of the pets
What will the Pet Trust protect?The trust can include details for the proper care of your pet, including any habits, preferences, and ongoing veterinary concerns, etc. The caretaker should follow the caretaker responsibilities listed in the trust. The funds in the account should be used for:
- Annual veterinary checkups
- Possible medications needed
- Arrangements for when the pet passes
- Caretaker allowance for their time and dedication