Protect Your Pets in Your Estate Plan
Because your pet is a member of the family, it makes perfect sense to consider providing for your pet with a trust.
Using a trust, you can appoint a person or organization (trustee) to:
- Manage the funds you place in the trust.
- Make sure the funds are used to care for your pet.
- Find a caregiver or professional care facility for your pet if you have not found the right person.
Pet trusts can be very simple or very elaborate, but the trust should be funded with enough money so the investment income is sufficient to pay for food, shelter, toys, veterinary care, a week or two of boarding and, if you like, a stipend for the caregiver. (A study in 2015 said basic annual expenses per dog are close to $1,600.)
The trust will address what happens to any funds that remain when your pet dies. The funds can go to the caregiver, your family members, a charity, etc.
With a trust, your pets will continue to receive the great care they enjoy today and you can be confident that the funds you expect to be used for their care in the future will not be misused.
Our attorneys can help you with a trust for your pet as part of a comprehensive estate plan.