Most of us think of our pets as family, and that means that we have a responsibility to care for them after our life ends. For that reason there is a new innovation in the world of pet care that is called a pet trust. This will let others know what to do in the event that there is an issue and you pass away while your furry family members are still alive.
What Does a Pet Trust Do?
A pet trust is an agreement that means that there is a permanent arrangement for the care of a pet. This means that there will be an agreement between the owner and the person they choose as their primary caretaker to ensure that they are able to act and assist those pets in the event of the owner’s disability or death. The owner of the pet or the one who creates the trust is often called the settler; the person who is caring for the pet is called the trustee. The person who cares for the pet will usually be offered funds to care for the pet and that means that there are usually going to be funds that are going to be sent to the care giver on a regular basis. In some states as well, a trust is set up to ensure that they are able to have money in it for the rest of the life of the pet. Many pets live for a very long time. Parrots and horses are known to live for over 20-25 years.
How Do You Set up A Trust?
There are many states in which a trust is not valid; there are other locations where there is almost no enforcement from the state. For that reason you want to work with an attorney to set up a trust that is going to be beneficial for you as well as ensure that you are able to have all the estate planning assistance you need. If you are not sure about the pet trust law in your state, make sure that you are able to speak with your attorney and find out how you are able to set up something else.
Why Do You Need a Pet Trust?
You need a pet trust because they are able to be enforced by law. That means that you are sure that you will have peace of mind knowing that your pets are going to be cared for in the way you want and to your specifications. In addition, you will also see that you can ensure that the pet is taken care of in the way you want even down to the kind of food that your pet liked. You can also specify all of the times that the pet should be taken on a walk, taken as well to the vet, and the way that the pet needs to be cared for in every detail. This means as well that you know the habits of your pet better than anyone else and for that reason you need to be able to let your caretaker know how your pet needs to be taken care of. You should also make sure that you have a friend who is willing to take care of the pet in the standards that you are requesting.
Be Prepared!
If you are wishing to set up a pet trust here is the information you are going to need: The contact information of the trustee, the successor trustee, the caregiver, and the successor caregiver. This means that you will have access to a caregiver as well as a backup to ensure that your pet is taken care of.
Other Important Considerations:
- You need to have photos of your pet and ensure that you are able to show who they are and what they look like to avoid fraud.
- You need to share all of the details of your pet’s life and habits in the agreements.
- You need to know how much money is going to be required to take care of your pet and ensure that you have the money to care for the pet.
- You also need to share how many times per year the pet needs to go to the vet and all of the considerations that need to be made.
At the end of the day, you are going to be looking to the best possible care for your pet and that means that you need to spend time planning their future, and remember they are part of the family as much as you are.
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