Pet Trusts
If you consider your pet to be a cherished member of your family, you want to ensure he or she is taken care of in the event of your death. Rather than relying on a verbal agreement, or not doing anything at all, you can set up a pet trust that identifies the caretaker you choose for your pet and the amount of your estate to be set aside for his or her needs.
Pet trusts can also preserve your specific instructions for your pet’s care, address his or her medical and nutritional needs, and your preferences for his or her daily activities.
We can walk you through all the particulars to ensure your wishes are carried out.
Frequently Asked Questions
Do I need to create a separate trust for each pet?
Not necessarily. You could have one trust for all of your pets living at the time of your death. However, different kind of pets may have substantially different needs, which may be more adequately addressed via separate trusts. For example, a trust for your horse would require significantly different care provisions than a trust for you cat.
How long does a pet trust last?
Usually, a pet trust will last through the lifetime of your pet, but not your pet’s descendants.
How much money should I put in the trust for my pet?
It depends. The specific amount to be funded into your pet trust will depend on the pet’s routine needs and their life expectancy. The easiest way to estimate the appropriate amount is to determine your pet’s average monthly expenses and multiply that amount by the number of months your pet is expected to live. Then, add an extra amount for medical emergencies.
What instructions can I include in the pet trust?
Medical care, administration of medication, information for the veterinarian and your pet’s health insurance, food and diet, daily routines, toys, grooming, socialization, disposition of remains, etc.
What happens with the money remaining in the pet trust when my pet dies?
When creating a trust for your pet, you will also appoint the remainder beneficiary to receive any remaining trust property after your pet’s death. That person can be an individual or a charitable organization. On the other hand, the remainder can also revert back to the residual estate of your trust and be distributed to the beneficiaries of your trust.