Did you know that a pet trust is an estate planning vehicle that can allow you to establish a plan for your pet’s care in the event that you are unable to care for him or her because of your death or incapacity? In the pet trust, you can identify a caregiver for your pet, you can set aside assets to pay for your pet’s care, and you can select a trustee to manage those assets and distribute them to your pet’s caregiver to benefit your pet. A pet trust also allows you to specify the type of care you want your pet to receive, including preferred veterinarians, specifications regarding daily care and grooming, instructions for boarding, and even end of life care.

Pet trusts can be beneficial for a variety of pet owners. For example, if you are the sole caregiver for your pet, you could implement a pet trust so that, if something happens to you, your pet will not wind up in a shelter. If you own a pet with a long life-span, like a horse or a bird, the possibility that your pet outlives you may be very real and a pet trust can help ensure that you can plan for your pet’s care for the duration of his or her life.

If implementing a pet trust seems right for you, make sure you enlist the help of an experienced estate planning attorney to incorporate the pet trust into your estate plan. Many states have specific limitations and restrictions on establishing a pet trust, and your attorney can help you navigate the applicable rules and put the most effective pet trust in place. Your attorney can also help you decide how to incorporate any balance remaining in the trust after your pet’s death into the rest of your estate plan so that no assets are wasted.

To learn more about establishing a pet trust and other useful estate planning tools, please contact our office to schedule an appointment.