What is a Pet Trust?

A pet trust gives you an opportunity to provide for your furry loved ones if something ever happens to you. In your pet trust, you can name the person who will care for your pets. You can also leave funds specifically for that person to take care of your pets.

Why do I need a pet trust?

Pet trusts allow you to choose the most suitable person to care for your furry loved ones. You wouldn’t want Cruella to automatically have your dogs because of your failure to plan. Pet trusts also give you the power to maintain your pet’s lifestyle when you are no longer around. Are your pets accustomed to massages or spa days? Pet trusts can help fund these little luxuries. As a more common consideration, however, if your pet gets sick or has a health emergency, pet trusts can help your pet’s new guardian afford the expenses related to the emergency, as these expenses can add up quickly.

How do pet trusts work? 

 Money or assets that are left in a pet trust will be used to care for your pets but your pets are not considered "beneficiaries" who can receive assets outright. Think of it like this, does your pet take money to buy its food or toys? No, a human is responsible for this. The assets that you leave in a pet trust are held by its trustee. The trustee cannot, however, use these assets for its own personal benefit or gain.

A pet trust terminates when your pet dies. Typically, any assets that remain in the trust will, then, be transferred according to the terms set forth in your trust.

Have you thought about how your fur babies will be provided for? If not, contact an attorney to set up a plan.