Pets can be wonderful companions throughout life. Something no one wants to think about however, is the possibility of losing the ability to care for your beloved pet. Luckily, pet owners can find peace of mind with a trust for their pet.
Pet owners can designate someone to care for their pet after they die and can leave money for the cost of care. This money is left in a specific pet trust to provide legal enforcement that the pets actually receive the money. A pet trust can help make sure that your pet will be cared for.
Setting up a trust for your pet is similar to setting up a trust for a person. A trust is a legal document in which you can put money into and designate a trustee to safeguard and administer the money. In a pet trust, you designate a caregiver and a trustee. The trustee is in charge of making payments to the caregiver for the pet’s expenses such as grooming, food, veterinary expenses and toys.
A pet trust offers options for the care of your pet as well. You should appoint multiple trustees and caregivers in the event something happens to one of them. Also, you can decide where the leftover money will go after your pet’s death. This money can be given to a charitable organization or family member. Like any estate planning document, it is important to temporarily review your pet trust to ensure that nothing has changed in your caregiver’s situation that would make them unable to care for your pet.
A pet trust can give you peace of mind knowing that your pet will always be cared for. Schedule an appoint with a qualified elder law attorney to discuss a trust for your pet and your other estate planning needs.