Do you think that pet trusts are something for eccentric wealthy folks who dote on their pets? Think again! A pet trust can be a useful tool for anyone who owns a pet and wants to make sure their furry companion will be well cared for in the event they pass away before their pet. Let us go over three reasons to consider a pet trust in your estate plan.
1. You Know Who Will Care for Your Pet. One of the biggest reasons to include a pet trust in your estate plan may be that it provides certainty on who will care for your pet when you are gone. Now may be the best time to talk to friends and family to see who might be up for the task, and who may feel that it is too much responsibility for them to take on. The answers may surprise you, and it can be better to know now than for there to be tension when you are no longer able to participate in the conversation. Choosing a potential caregiver for your pet now can make everything easier.
2. Provide Financially for Your Pet and His or Her Caregiver. When you set up a pet trust, you can provide your pet’s future caregiver with funds to cover all of the pet’s medical needs, instructions on what your pet likes and dislikes, and anything special you want to note. You can also have the trust make monetary distributions for your pet’s future caregiver so that he or she can buy the appropriate food and toys and pay medical bills, grooming expenses, and boarding care in case the caregiver has to be away from home. You can fund the trust with as much money as can reasonably be considered enough to meet your pet’s expenses.
3. Making Other Plans. Money and medical instructions are not the only parts of a pet trust. A pet trust is also the place you can leave instructions for your pet’s eventual passing. If you want your pet to be buried or cremated you can choose the appropriate facility and dedicate money for that purpose. You can also name a “remainder beneficiary” so that another loved one will receive any funds that remain in the pet trust after your pet’s death.
If you are interested in learning more about including a pet trust in your comprehensive estate plan, please contact our office to schedule a time to meet.