There is no doubt we are a nation of pet lovers. Unfortunately, the law as it is currently written views pets as property, so providing for your pet in your will won’t work. So how do you protect your favorite fur-person? With a pet trust.
To create a pet trust, you should first discuss your wishes for your pet(s) with a Family Wealth Lawyer so your pet trust will be executed properly and will be legally enforceable after you are gone.
When planning for your pet trust, you should:
Choose someone to act as trustee. Be sure you discuss your intentions beforehand with your potential pet trustee to ensure they are both willing and able to carry out your wishes.
Choose a successor trustee. If your first choice for trustee is unable to act as trustee, a second person should be named as successor trustee.
Choose caregivers. Some people elect to name a financially responsible individual as trustee and another person as caregiver for their pet(s). Be sure to specify a primary and secondary caregiver.
Provide ID information. To help prevent fraud, you should include identification information in your pet trust, including photos of your pet(s) and microchip ID numbers.
Give care instructions. Provide care details for your pet(s), including how often they should be taken to the vet for check-ups, nutritional requirements, and any other healthcare information.
Establish how much money is needed to care for your pet(s). You need to be realistic, because large amounts left for pets could be subject to a challenge from other heirs. Be sure to figure in the cost of trust administration as well.
Select a beneficiary. When the last pet you have provided for in your pet trust dies, you should name the person or entity that will receive the leftover funds in the trust.
Supply final instructions. Leave instructions for having your pet(s) buried or cremated.
This article is a service of Elena Ortega-Tauler, Family Wealth Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.