You likely treat your pet as if they were your child. You care for their needs, greet them every day and likely have spent many years watching them grow older. However, they’ve likely been watching you grow older, too, and may even outlive you.
While it’s hard to consider no longer being in your pet’s life, it’s a possibility that you can’t deny. You can, however, make their loss easier by setting aside assets intended for the use of their needs. Here’s what you should know:
What is a pet trust?
A trust is a leal document that allows a trustee to hold onto the grantor’s assets. The assets are then distributed to beneficiaries. While many trusts are used to benefit spouses, siblings and children, a pet trust can be used for the benefit of dogs, cats, fish or birds. This kind of trust can help fund the prolonged care of your pet after you pass away.
What do you need for a pet trust?
If you plan on making a pet trust, there are a few things you may need to consider doing:
- Name a caretaker: You should consider who is going to care for your pet after you pass away. The person you name as your pet’s caretaker will likely be someone you trust.
- Gather your pet’s documents: People can steal from pet trusts. It may be important to acquire documents that can help identify your pet when the caretaker takes funds from the trust.
- Set aside funds: You likely know how much your pet costs you in food and vet bills. The funds in the trust should reflect this.
- Describe your pet’s needs: You know your pet better than anyone. Your trust may need to describe your pet’s standard of living and care.
Pet trusts are versatile and can benefit your pets in many ways. You can get legal help if you have questions about pet trusts.