Is your pet a member of your family? If so, then you may want to make sure your pet is provided for with a trust. Let us discuss three reasons to consider a pet trust in your estate plan.
1. A pet trust designates a caretaker for your pet. When a pet owner becomes seriously ill or passes away, it may be the first time that any consideration is given to what will happen to the pet and how it will be cared for. By creating a pet trust, a caretaker for the pet will be identified prior to the owner falling ill, removing some stressors at the time of the owner’s illness or passing. A pet trust can gift the pet to the caretaker with money to care for the pet, or the trustee of the estate can oversee the caretaker and distribute money from the trust for the care of the pet, for the remainder of the pet’s lifetime.
2. A pet trust can provide for food, grooming and day-to-day care. No one knows a pet like its owner. Thus, a pet trust allows the owner to outline in detail how they would like the pet cared for, including food, grooming, walks, whether or not the pet will be housed with other pets, and any other wishes of the owner. A pet trust can even be created to allow the caretaker to live in the owner’s home, until the pet passes, allowing the pet to live out life in the home the pet has always known.
3. A pet trust can help ensure veterinary needs are met.Veterinary needs of pets can be quite costly. In the case of a pet that requires frequent and/or expensive veterinary care, an owner may be worried about whether or not a beloved pet will continue to receive the same level of care after the owner’s passing. This can all be addressed through a pet trust, which can set forth with specificity the care that must be provided to the pet, including which veterinarian will care for the pet, and oversee distributions to cover the cost of the care.
Anyone who has ever owned a dog can easily understand why they are called man’s best friend. The love and loyalty provided by a dog, or other pet, may be unparalleled. Creating a pet trust can help assure your pet lives out its remaining years with the love and protection they deserve. For more information on establishing a pet trust, please feel free to contact our office to schedule a meeting time.