A Pet Trust Provides Care for Your Pets
There are millions of Americans all over the country who have a pet that they love like a family member. One of the questions that pet owners face is what would happen to that pet in the event of that they were to pass away? Incorporating a pet trust into your overall estate plan is something that can help to provide you with the peace of mind that you need when it comes to your pet being taken care of after you pass away.
What is a Pet Trust and How Does It Work?
In a lot of ways, a pet trust is similar to a trust that you would set up for a human beneficiary. You would be identified as the “grantor” or the person that is funding the trust while another individual will be named as the “trustee” which is the person that is responsible for carrying out the terms of the trust. It’s important to remember that different states will have different laws that govern pet trusts. In turn, the wording for a pet trust from one state may look very different from that of another state. Therefore, it’s imperative that you partner with an experienced estate planning attorney when it comes to developing and finalizing a pet trust for your furry friend.
Why Should You Establish a Pet Trust?
Pet owners take advantage of utilizing a pet trust to ensure that their pets are well cared for when they are no longer here to do it themselves. Here are just a few reasons why pet owners make the decision to establish pet trusts:
• You don’t have a family member or friend who can financially care for your pet after your passing
• Your pet needs specialized treatment or care which also may be expensive
• You want the comfort of knowing that your pet will be taken care if they were to outlive you.
It’s important to remember that again, depending on which state you’re in, there may be some tax implications associated with putting together a pet trust. Therefore, it’s key that you work with industry professionals to ensure that everything is set up to incur as little tax as possible and to ensure that your pet is well taken care of.
Using a Will for the Care of Your Pets
There are many people who opt to forgo a pet trust and designate an individual in their Will to take over the care of their pets after they pass away. While this is a suitable method for estate planning purposes, it may not necessarily give you the peace of mind of knowing that your pet will be cared for as you see fit. Instead, you are acting on good faith that the person that you appoint to take over the care of your pet will do so. A pet trust, however, is more of a guarantee that they money that you set aside for your pet will be used the right way.
Call Our Office Today for More Information About a Pet Trust
If you’re considering establishing a pet trust for your animals, we encourage you to give our office a call and schedule a consultation. We understand the personal decisions that are involved not only when it comes to setting up the terms of your pet trust but also when it comes to your estate plan overall. When you work with our office, we provide you with the comfort of knowing that these important details will be seen to. Get in touch with us today to schedule a consultation.