Creating a Pet Trust
Our pets bring us so much joy. They provide us with unconditional love and are always there to cheer us up. Most people would do everything in their power to keep their pet safe. However, many pet owners never consider what would happen to their pet if they were no longer able to care for them.
No matter how well behaved and trained your pet is, it will never be able to care for itself. In the event of your death, someone will need to keep your pet safe.
Protect Your Pet With a Pet Trust
Unfortunately, the pets of deceased owners are often sent to the shelter, or worse. It’s crucial that you take the necessary steps to ensure your pet avoids this fate. A Pet Trust allows you to leave money for your pet and assign a guardian to care for them.
When setting up a Pet Trust, you’ll need to designate a trustee. This is the individual who will be in charge of the finances you leave for your pet. You will also need to assign a beneficiary. This is the person who will be responsible for the day-to-day care of your pet.
Your selected guardians will be responsible for both your pet and the money you leave for them. You need to be extremely careful when choosing these individuals. Always ask their permission before naming any guardians in your trust. It’s a good idea to have alternatives in place just in case your first choice in unavailable.
It’s common to choose guardians that are close to you and your pet. If you have several pets, you might want to assign different guardians for different pets.
Leaving Money for Your Pet
When determining how much money to leave for your pet, you’ll need to consider how much money it will cost to care for your pet until the end of its life. This figure should include medical care and other expenses. It’s a good idea to include stipends for both the guardian and the trustee.
Always include specific details about your pet on your Pet Trust. Include your pet’s name, breed and identifying marks. Your pet’s microchip number should also be included if applicable. This helps prevent fraud and protect your pet.
For more information about Pet Trusts, please call 714-962-1005.