Do you have a pet who has become a beloved part of your family? If so, then you want to make sure that you’re providing for them in your estate plan. That might sound unusual, but pet trusts are pretty common.
Additionally, they’re necessary if you want to ensure that your pet is adequately cared for when you’re gone. Without one of these trusts in place, your loved one’s may be unable or unwilling to care for your pet, which could thereby result in your pet being placed in a shelter.
Tips for creating your pet trust
Although you could decide to leave money to a loved one for the care of your pet through your will, this doesn’t create a legal duty to care for the pet like a trust does. Therefore, if you want to provide the most protection for your beloved pet, then you should consider doing each of the following:
- Choosing a trustee who you believe will truly look out for the best interests of your pet.
- Identifying a successor trustee who you trust to step into the position if the first trustee refuses the role or passes away before your pet.
- Determining how much money the trust needs to adequately care for your pet.
- Developing detailed instructions on the care and treatment that you want your pet to receive.
- Choosing a beneficiary who will receive the remainder of the trust’s assets once your pet passes away.
Are you ready to set up your pet trust?
Pet trusts can seem like an extreme measure to care for your companion, but they’re not. They really provide you with comfort knowing that your pet will continue to receive the affection and care they need and deserve after you’re gone.
If that’s the kind of reassurance that you want, then please consider taking the first steps in the creation of your pet trust by learning about the intricacies of creating one of these legal vehicles.