Do you own a pet? Do you ever wonder what would happen to your pet if you died? Who would care for your pet?
If this is you, a Pet Trust may be an option for you.
More and more people think of their pets as family members. They treat their pets very well. Sometimes they treat their pets better than family members.
We love our fur-babies here at Schweizer & Associate. Therefore, we offer pet trust estate planning.
What is a Pet Trust?
A Pet Trust is one option for pet owners to make sure someone cares for their pets when they die. You specify who your pet’s new caregiver will be when you die. You name a Trustee. The Trustee will manage the funds you leave in the Trust.
The Trustee uses the funds to pay vet bills, grooming costs, feeding and boarding costs. The Trust exists until your pet dies. You can even specify end of life treatment for your pet.
Establishing a Pet Trust
When setting up a pet trust, you determine your pet’s current standard of living and care. You need to consider your pet’s life expectancy and health condition.
You also decide who will act as caregiver for your pet. After all, this is the person you are trusting to care for your pet. You want to make sure this person will give your pet the same care you gave while you lived.
You set aside a sum of money to care for your pet. Your estimate needs to cover any pet-related expenses your pet’s caregiver will have to make after you die.
Who will act as Trustee of your Pet Trust? You need to appoint someone you trust to manage the trust’s assets. Your Trustee must allot the necessary funds to your pet’s caregiver.
Finally, you have to name a final beneficiary. If any assets are left after your pet dies, someone needs to be named as a beneficiary. You can name a charity or a specific person to receive any money remaining in the Trust.
Reasons for a Pet Trust
Many reasons exist for setting up a pet trust. Without a pet trust, someone you do not like may end up with your pet. That person may make decisions about your pet’s future that you would not make.
Or, your pet may be taken to an animal shelter. If that happens, your pet may be at risk for being euthanized.
A Pet Trust lets you be in control of your pet’s life. After all, you cared for your pet during your lifetime. Wouldn’t you want to make sure that care continued after you are gone?