When to use Pet Trust
Domesticated animals kept as pets are usually treated as part of the family. They rely on their human family members for shelter, food and care while providing love, affection and/or companionship in return. As pets are indeed wholly dependent upon their owners for long-term survival, it is important to consider any creatures you may have at home when creating your estate plan. Specifically, you may wish to set up a pet trust in order to ensure that your pets are taken care of after you have passed away.
A pet trust can be used for two primary purposes. First, it allows pet owners to name a guardian for their pets in the event that they pass away before their pets do. Second, it allows pet owners to provide income, assets and/or resources designed to ensure that their pets are financially cared for well into the future. Owning a pet is often an expensive arrangement. Pets require food, entertainment and medical care. When their owners are away, they may also need to be boarded or watched by a pet sitter. As it is not ideal to saddle a pet’s new guardian with all the costs associated with taking care of your pet, a pet trust allows you to alleviate that burden to some extent. Finally, should funds set aside for your pet be left over when your pet passes away, your pet trust can specify where these funds should be transferred to.
Your pet counts on you for its care and well-being. Please don’t forget to make provisions for your pet in your estate plan. Consider constructing a pet trust using this clear, concise and customizable template. In addition to providing for your pet, your efforts will almost certainly grant you greater peace of mind.