Almost everyone who have ever owned a pet has considered what will happen to that pet if something happens to them. Will they be abandoned? Will they go into a shelter? Or, will someone else take them in and take care of them? One way to provide for a pet after you are gone is with a Pet Trust. A Pet Trust is like any other trust in that it sets up how assets are managed. The difference is rather than directing how assets are managed for the benefit of loved ones or charitable organizations, the assets managed by the trust are for the care of your pets.
Pet Trusts are usually set up so the money goes to a trustee of your choice, and is managed until it can be used to pay for your pet’s care. You can also provide that if the money runs out before your pet dies, you would like additional contributions made toward their care. The amount of money in the trust can be whatever you deem necessary.
One of the benefits of a pet trust is that you can designate who will take care of your pet should something happen to you. This is important if you want to make sure your furry friend goes to someone you know and trust, as opposed to being sent to a shelter.
An important consideration when setting up a Pet Trust is determining how much money is needed for your pet’s care. This is important because you want to make sure your pet is well taken care of and has everything they need, no matter how long they live.
Another important consideration when setting up a trust for the benefit of your pet is selecting a trustee. The trustee of a Pet Trust can be anyone who is willing and able to take on the responsibility, including family members or friends.
A pet trust is a great way to make sure your furry friend is taken care of in case something happens to you. You can set it up so that you know they will be well cared for and have everything they need, no matter how long they live. If you would like to find out more about the benefits or different ways you can provide for your pet in your estate plan, call Roth Elder Law, PLLC today at (607) 962-6162.