One of the worst parts of growing older is that we often worry about the things we may leave unfinished. With proper estate planning, you can ensure that you leave nothing to chance. Especially if it pertains to the pets that you love so much. There are pet trusts that can be set up that will ensure your pet gets the care they are accustomed to.
What is a pet trust?
When you have a pet trust set up on behalf of your animal companion, it becomes a legally enforceable document. This will ensure your pet is cared for throughout the rest of their lives. It is done through a pet trust fund, that you explicitly set aside for your pet. This money is then available to your pet’s trustee for the sole purpose of ensuring your pet is cared for in the same way you would care for them.
A trustee, whether a family member or a friend, will be able to pull out money only in the amount that is required to provide for your pets. This is to ensure that it lasts your pet for the rest of their lives.
If the trustee fails to take proper care of your pet, or if they attempt to withdraw more than necessary for the pet’s care, their responsibility can be transferred to someone else by the courts. In the event there is no one in your family willing to take on the responsibility of your pet, the court will appoint a trustee for them.
Benefits of a pet trust fund
Our pets are a part of our family. We all want what is best for them. With Animal Companion Trusts set up for them, you are providing:
- Feeding and boarding costs: The trustee will be paid to keep your pets happy and healthy.
- Grooming costs: if your pet is accustomed to being groomed routinely, this will pay for it to continue. You can provide any specific care instructions you want the trustee to use when you set up the pet trust fund.
- Vet care and checkups: Your pet can get shots, checkups, and other help from a vet, the same way that you would take care of them. You can even set aside funds for emergency care services.
- End-of-life care and treatment: As your pet reaches the end of its life, you can plan how you would handle it. You can even dictate whether you want them cremated or buried, where you want them placed, and more.
Pets depend on you to care for them. You can still be there for them with the help of an Animal Companion Trust.