People with pets or companion animals usually want them to live long and happy lives. For older adults, those with serious medical challenges and those who own particularly long-lived animals, adding them to an estate plan may be necessary.
Some people include their pets as beneficiaries, although pets are not people who have property ownership rights. Other people include their pets in an inventory of assets, giving a beneficiary total control of the animal’s future. For those concerned about the future comfort of an animal, establishing a pet trust is often the best protection available.
What a pet trust does
A pet trust separates ownership of the animal from the assets set aside to provide for the pet. The new owner of the pet has a responsibility to meet the trustor’s requirements regarding the animal’s care. Those requirements may include living with the animal, providing regular veterinary care and even continuing specific feeding practices.
The trustee overseeing the trust is typically a separate party. They manage and distribute the resources intended to meet the pet’s financial needs. The trustee can intervene in scenarios where the party caring for the pet fails to fulfill their obligations, intends to surrender the pet or attempts to euthanize the animal.
A pet trust removes the incentive to destroy or surrender the pet to gain control of assets. It also helps ensure that the person assuming responsibility for the pet has the resources necessary to ensure its safety and comfort.
Working with an attorney to properly fund a pet trust can be a helpful step in the estate planning process. People who love and worry about their pets can make arrangements in advance to better ensure the safety of their animals after they die.
