Protect Your Pet With a Pet Trust
How can you protect your beloved pets if you become unable to care for them or you die? Consider setting up a pet trust to provide for them. A pet trust is a legal agreement in which arrangements are made for ongoing care of your pets if you die or become disabled. In a pet trust, there are three parties to the agreement, the “grantor” who sets up and funds the trust to take care of the pets, the “trustee” who manages the funds and sees that your pets are cared for as you instruct, and the “beneficiary” who is the person who actually cares for your pets.
Kinds of trusts. Many states have statutes/laws which authorize pet trusts. Even if your state does not have statutory pet trusts, you can still have a “traditional” pet trust, which gives the grantor a great deal of power over all aspects of how the pets are cared for. Check with a lawyer to see how your state handles pet trusts.
You can create a pet trust that takes effect while you are living (a “living trust”) or one that takes effect only after your death (a “testamentary trust”). If you create a living trust, you can provide for care if you become disabled as well as if you die, and there is no delay between your death and the funds becoming available to the trustee.
A testamentary trust is created by writing the trust provisions in a will. The will must be probated before the trust takes effect, which can mean there are no funds available to take care of your pets while the will is being probated.
Funding the trust. Your trust must be funded in order to enable the trustee to see to the care of your pets. If you create a living trust it must be funded right away. If you have a testamentary trust, you should provide for funding in the will or use other methods such as making the trust the beneficiary of a life insurance policy.
Things to consider when creating the trust. One of the most important decisions is the selection of the caretaker of your pets. That person should be able to provide a good home for your pets and be willing to respect and carry out your instructions. You should specify at least one alternate in case your choice can’t or won’t serve. It’s best to have several alternates.
The trustee is also a very important choice. It can be an individual family member, an organization or a company, but you must be able to trust your choice of trustee to handle the funds responsibly and to be sure the beneficiary is properly caring for your pets according to your instructions. Again, it’s best to have at least one alternate, and preferably more.
Think carefully about how you want your pets cared for. Provide as detailed instructions as you can for all aspects of their care, including food, routine, exercise, choice of vet and regular vet care, and how you want your pets’ remains to be disposed of.
A pet trust is an easy way to give you the peace of mind that your loyal companions will be well cared for if you can’t care for them yourself.
NOTE: The information you’ve obtained from this article is not, nor is it intended to be, legal advice. Consult an attorney for advice concerning your individual situation.