Whether your family pet is a pooch, a cat or a pig, you may be wondering what to get your beloved family pet for the holidays. How about a pet trust? According to the U.S. Humane Society, Americans own more than 150 million cats and dogs. For most of those pet owners, their pet is part of the family. If you feel that way about your pet, make sure that he or she will be well cared for even after your death by creating a pet trust.
Based on some of the sensationalist news accounts you have heard you may be under the impression that only the super-rich create pet trusts for their pets. This is simply not true. Anyone can create a pet trust. Like all trusts, a pet trust requires you to name a beneficiary and a trustee and to fund the trust with sufficient assets. In addition, you have the ability to create trust terms that will guide the administration of the trust.
Although you may name the person who will actually care for your pet as the trustee, you are not required to do so. A third party can administer the trust if you so choose. Additionally, you can provide very detailed instructions in your trust terms or leave the particulars up to the trustee and/or caregiver. The important point is that creating a pet trust for your pet ensures that he or she will be cared for in the event that your pet outlives you.
- Common Mistakes in Estate Planning – IV - June 14, 2023
- Common Mistakes in Estate Planning – Part III - June 7, 2023
- The Not-So Transparent Corporate Transparency Act - May 30, 2023
