If you have a pet, you will know first-hand the impact that they can have on your lives, You may love them as though they were your child, and you’ll always want to have the peace of mind that they will be looked after and well taken care of, no matter what happens.
This is why, when planning your estate, you may want to include specifics about how you would want your pets to be taken care of financially. All states have laws in place that allow for the creation and use of pet trusts. If you are interested in creating a pet trust, the following is a brief overview of what to consider.
Think about whom you will name as trustee
Just like any other trust, the trust will be managed by a person called a trustee. This person will oversee the management of the funds held within the trust and ensure that they are being used in accordance with your wishes. Therefore, you need to consider who would be a reliable and trustworthy person to take care of your pet’s needs.
Consider your pet’s current situation
There are many things to consider before you set up a trust for your pet. You should consider your pet’s current standard of living and care, and whether it would be reasonable to maintain that. Think about the level of care that you would like to be provided, as well as how long you expect your pet to live for.
Be clear about your wishes
The most important thing to do in your estate plan is to be clear about your wishes. Being ambiguous about your wishes for your pet can lead to confusion or even disputes, so it is important that your will is well-written.
If you are thinking about updating your estate plan, make sure that you consider putting in place a trust for your pet so that you can guarantee their care.