Pet Trusts - Making Sure Your Best Friend Is Taken Care Of
As much loved members of your family, you take care of your pets. Lots of love, regular checkups at the vet, high-quality food, and trips to the groomer are only some of the things you do for them. But what would happen if you weren’t around to provide for their well-being?
Now might be the time to consider a pet trust. By setting up a pet trust you can rest assured that your best friends will be given the love and attention they deserve after you’re gone.
So, how do you go about this? The process is quite simple, you just need to do a little bit of planning. Here are several things to consider:
- Who will be your pet’s caregiver? Much like appointing a guardian for your children, discuss this with the caregiver and get their agreement in advance. It might also be a good idea to name a backup.
- Decide on the level of care you think will be required - be sure to include grooming, exercise, daycare or boarding, and veterinary care.
- Estimate the costs. Some consideration should be given to the type and age of the pet. This is the amount of money you’ll put in the trust.
- Engage the services of an estate planning attorney to decide the best options for your situation. Should you set up and fund the trust now or have a provision in your will?
- You’ll also need to name a trustee to oversee the trust and make the necessary arrangements for disbursements.
- Last, but not least, choose a final beneficiary (like your local animal shelter) to receive any remaining monies after your pet has passed away.
By being a proactive pet owner you’re ensuring that your best friend doesn’t become homeless, abandoned, or abused. That should give you peace of mind.