Why Establish A Pet Trust
Those of us who view our companion animals as just like any other family member are quite aware of our responsibility to these creatures. It is important to make sure that their comfort and care is provided by and uninterrupted if we were to suddenly become unable to care for them ourselves. One approach to planning for their future is by setting up a pet trust. This guide will help you decide if this is something you want to create, so continue reading on for further pet trust insight.
What Pet Trusts Offer
A pet trust is a sanctioned arrangement that is legally-binding, and provides care for companion animals in the event of the owner’s disability or death. The owner, who is called a “grantor” in regards to the trust, can make financial preparations so their pets are taken care of. Cash or property can be held in the trust for the benefit of the grantor’s companion animals. Depending on the state where the trust is made, the trust will continue for the lifespan of the pet, or for 21 years (whichever arrives first). Some states permit a pet trust to keep going for the life of the animal, without regard for the 21 year maximum. This is helpful for pets who have longer life expectancies than dogs or cats, such as parrots, reptiles, or horses.
Why Have a Pet Trust
Most pet trusts are enforceable by law, so owners can rest assured knowing that the instruction for their animal’s future will be carried out if they were to predecease their pets. A trust can offer a way to outline specifics and start saving money now so if the pet trust has to be used, the new caretaker will have funds to tend to their needs. You can write specifics related to medication, how often to visit a veterinarian for check-ups, what brand food they like and how much they eat each day, and more. Don’t be shy in describing in detail what you want your pet’s standard of care and living to be like. Determine how much funds are needed to properly cover their expenses, and state how these funds should be used by the new caregiver.
Planning for a future for your pet without you is not an easy task. The purpose of a pet trust is so that you have peace of mind now knowing that if the worst were to occur, that their future is set. Pet owners who want to establish a pet trust are encouraged to speak with an estate planning lawyer, similar to a trust lawyer from Kaplan Law Practice, LLC, as soon as possible to get started. It’s better to know there is a plan for their care instead of worrying about what may or may not come.