Pet Trusts: Don't Leave Your Beloved Pet Out In The Cold After You Pass
In 2012, more than 60 percent of households in the United States owned at least one pet. Many of those households treat their beloved pets as part of the family. In some states, pets are personal property. Therefore, pet owners need to take action with an estate plan to ensure that their pet is properly taken care of when they cannot provide care any longer. A pet trust is the perfect way to do this and it is becoming more and more popular by the year. Keep reading to learn who needs a pet trust and what a pet trust should include to ensure the best results.
Do You Need a Pet Trust?
The person that needs a pet trust is generally a single individual or an individual with no relative to whom you are close with. In some instances, married couples that never had children may need one. Essentially, it boils down to whether or not you have someone that you can trust to take care of your pet once you become incapacitated or die.
Make Sure to Clearly Identify Your Pet
In a pet trust, it is crucial that you identify your pet clearly. This is because many pets look alike, despite the fact that you feel your pet is very distinctive from others of the same breed. To avoid copycat or
Calculate Potential Costs for Adequate Care
Your pet trust will need to state how much money is going to be required for your pet's care. You should look at annual costs of pet insurance, food, routine supplements and medications, veterinary care and any other costs that are recurring. Multiply that amount by the life expectancy of your pet. Don't forget that costs could increase as your pet ages and factor that in as well. The trust should also clearly state that the primary purpose of this trust and the funds is to care for the pet.
Determine the Person to Be in Charge
Now, it's time to make the decision of who you want to have the responsibility of caring for your pet when you no longer can do so. You should also consider designating a trustee separate from the caretaker. The trustee would be solely in charge of the fiscal funds and maintain the responsibility of ensuring that the funds are properly used to care for the pet. The caretaker, of course, is basically a guardian of the pet and will take care of it.
Create a Standard of Care
One of the last and likely most important things that should be in the pet trust is how you want your pet to be cared for. This is where you'll state the preferred veterinarian and the minimum number of times that you want your pet visiting the veterinarian each year. You will also state any requirements for grooming, doggie daycare, treats, toys, etc. Make sure that you also state that there is flexibility in the plan in the event that circumstances change in the future, such as the preferred veterinarian retiring or going out of business.
Keep in mind that this information is to be used as a guideline for creating your pet's trust. It is always in your best interest to speak to an experienced estate planning attorney to ensure that the wording of the trust is clearly defined and as accurately legal as possible. You want to make sure that everything is done right so that your pet receives adequate care once you are gone. To learn more, contact a professional like Jolein A. Harro, P.C.
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