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Considering a Pet Trust? Three Reasons You Should

dog

Do you think that pet trusts are something for eccentric wealthy folks who dote on

their pets? Think again! A pet trust can be a useful tool for anyone who owns a pet

and wants to make sure their furry companion will be well cared for in the event

they pass away before their pet. Let us go over three reasons to consider a pet trust

in your estate plan.


1. You Know Who Will Care for Your Pet. One of the biggest reasons to include a pet

trust in your estate plan may be that it provides certainty on who will care for your

pet when you are gone. Now may be the best time to talk to friends and family to

see who might be up for the task, and who may feel that it is too much responsibility

for them to take on. The answers may surprise you, and it can be better to know

now than for there to be tension when you are no longer able to participate in the

conversation. Choosing a potential caregiver for your pet now can make everything

easier.


2. Provide Financially for Your Pet and His or Her Caregiver. When you set up a pet

trust, you can provide your pet’s future caregiver with funds to cover all of the pet’s

medical needs, instructions on what your pet likes and dislikes, and anything special

you want to note. You can also have the trust make monetary distributions for your

pet’s future caregiver so that he or she can buy the appropriate food and toys and

pay medical bills, grooming expenses, and boarding care in case the caregiver has

to be away from home. You can fund the trust with as much money as can

reasonably be considered enough to meet your pet’s expenses.


3. Making Other Plans. Money and medical instructions are not the only parts of a

pet trust. A pet trust is also the place you can leave instructions for your pet’s

eventual passing. If you want your pet to be buried or cremated you can choose the

appropriate facility and dedicate money for that purpose. You can also name a

“remainder beneficiary” so that another loved one will receive any funds that remain

in the pet trust after your pet’s death.


If you are interested in learning more about including a pet trust in your

comprehensive estate plan, please contact our office to schedule a time to meet.


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