Did you know that pet trusts may be for more than just wealthy individuals? While pet trusts may seem like something that only Leona Helmsley needed to worry about, they can be extremely helpful for all regular pet owners. Between making financial provisions for your pet and helping to ensure all of your pet’s medical needs are met, you can cover a great deal. Let us take a look at three reasons to consider a pet trust as part of your estate plan.
1. Follow Your State’s Pet Law to the Letter. Many states have laws about standards for pet care, and how you are supposed to make sure your pet stays safe and healthy. A qualified attorney who is experienced in pet trusts can help make sure that you have provided for your pet in accordance with state law. This may mean spelling out what happens, both if you become incapacitated or pass away.
2. What If I Just Can’t Care for My Pet Temporarily? The good news is that a pet trust is not only an estate planning tool for the long-term future. It can also be useful as a way to make sure your loved ones know exactly what to do if you become temporarily incapacitated, such as if you are injured in an accident or if you fall ill and you are in the hospital for a moderate length of time. If you are going to be away from your pet for a month, and your loved ones do not want you to worry about who is going to care for your pet, they can go straight to the wording in your pet trust to see what you wanted to happen in this scenario. Then, they can make it happen, helping to ensure your pet is cared for until you are back to full health.
3. Financially Providing for Your Pet. You can place enough money into a pet trust to provide for your pet as is “reasonable,” which can include medical care, food, toys, grooming, boarding care, and any other expenses their future new caregiver may incur. If you pass away before your pet does, you can be assured they are provided for.
If you have a beloved pet you want to provide for even when you may not be there yourself to do it, then establishing a pet trust may be a good idea. Contact our office for more information.