At Learned Lawyer, we love our pets. Scott’s dog, Lola, is a mix of poodle and dachshund, known as a “Doxiepoo.” She’s cute, but she’s the most anxious animal known to man! Christine’s dog, Beorn, is a Labrador Retriever and a certified therapy dog. Maritza’s dog, Stitch, is a — well, we’re not sure. But she loves him anyway! We get it – your pet is part of your family! So shouldn’t he or she be included in your estate plan? They can be! If you are concerned about the care of your pet after your death, talk to us about setting up a pet trust.
Wait, a Trust for a Pet?
Yes, pet trusts are a real thing and they really work! With a pet trust, you plan for your pet’s care if you can’t care for your pet yourself. You decide who will care for your pet. Plus you can include directions: your cat’s favorite food or your dog’s favorite place to go on hikes!
As part of your plan, you will designate a caregiver to care for your pet after your death. You fund your trust at your death with a portion of your assets, to ensure that the caregiver is able to meet all of your pet’s needs. You can also provide instructions for what will happen to any left-over funds. Plus, you appoint a back-up caregiver in case the first is unable to provide the care you desire.
And, if you don’t trust the caregiver to manage the money, you can appoint a separate trustee. The trustee will be responsible for distributing the funds to the caregiver. You can even add specific requirements to give you greater peace of mind, like requiring the trustee to make regular inspections to make sure that your pets are well cared for.
With so many options to think through, we always recommend getting the help of an attorney to set up a pet trust. We can add pet trusts to any of our trust packages here at Learned Lawyer, where we make sure that your estate plan provides for all of your loved ones. Gives us a call to schedule your free estate planning education meeting, or schedule one here at your convenience.