Many people wonder what will happen to their pets when they can no longer take care of them. Fortunately there is a way to ensure that your pets receive the care that they need, even when you are unable to provide it yourself. With a Pet Trust, you can leave money specifically for the care of your pets. You get to choose who will be in charge of managing and spending that money, and exactly how it should be spent.
Pet Trusts can be created to cover one or more of the animals that are alive during your lifetime. They go into effect when you pass away or in the event of your disability. The Trust ends when the last surviving pet passes away. However, it is possible to set up a Pet Trust to continue indefinitely. This can be used for the offspring of your current pet or for other pets that the caretaker acquires.
Regardless of whether or not you choose to create a Pet Trust, you must choose a caretaker to take care of your pets in the instance that you are not able to. This is the person that will be responsible for your pet’s day to day care. Make sure that you check with them well in advance. Never simply assume that the person will be willing to take on the responsibility. It’s a smart idea to name an alternate as well, just in case your first choice is unable to take your pet when the time comes.
When deciding how much money to fund the trust with, do your best to estimate how much it will take to care for your pet for the remainder of its life. This amount will vary widely depending on your pet’s age and condition. Remember that if you designate too much money for the care of your pet, you will need to decide who will receive the leftover money after your pet passes away. Additionally, if you do not leave enough money for the care of your pet, you will need to designate a person or organization that will receive your pet after the funds run out.
For more information, or to set up a Pet Trust you will need to consult with an attorney who specializes in estate planning.
Here are some of the Trust Kitties living at Claws N Paws:
From Top Left: Precious, Bo and Bypass