Understanding pets trusts. For many individuals, pets are integral members of the family. Considering their future and well-being is a crucial element of planning. In some cases, pets may be the primary beneficiaries of an inheritance, while in others, a portion of the estate is allocated for their care and maintenance. So how can you ensure your pets are taken care of after you’re gone? Let’s explore pet trusts and determine how establishing one is the right choice for you.

Flexibility in Trusts For Your Pets

There are various types of trusts, each with  terms of the trust can range from simple to complex, allowing for creativity and uniqueness. A pet trust is a legally recognized arrangement that ensures the care and upkeep of one or more companion animals in the event that you become disabled or pass away. Typically, the pet trust will specify a caretaker and provide a certain amount of money to be held in the trust for expenses such as food, shelter, medical needs and other costs associated with the pets’ well-being. The trust will also designate a trustee who manages the funds held in trust for the benefit of the pets, disbursing money to the specified caregiver. With the flexibility of a trust, you can provide direct and detailed instructions regarding the care needed for each individual pet. You are in control of the terms placed in the trust and the care that you require after you pass.

For instance, I have a client who created a pet trust for her three cats. She was very concerned about finding a caretaker to care for them. She was also anxious about the burden it would place on the caretaker and wanted to be sure that appropriate funds were available to care for the pets for the remainder of their lives. She allocated funds in the pet trust to be used in conjunction with specific instructions for the care and maintenance of her beloved cats that would last through the life of each cat. The remaining funds were distributed to the Arizona Humane Society.  An experienced estate planning attorney can help you do the same for your furry family members.

 

Choosing Your Caretaker Carefully

It is important to choose a caretaker for your pets that you trust and will honor your wishes and the instructions provided in the trust. You should speak with the caretaker in advance to be sure they are willing to take on the responsibility. You should also choose a second and maybe even a third alternate in case the first designated caretaker is unable or unwilling to accept the role.

 

Beneficiary For Funds After The Life Of Your Pets

The funds held in the trust will be used for the care of the pets and are intended to last throughout their lifetimes. After the last pet passes, any remaining funds will go to a beneficiary that you name in the trust. This beneficiary can be an individual or a charity. Any remaining funds after all the pets are gone, is disbursed by the trustee to the remainder beneficiaries.

 

Legal Requirements For Your Pet Trust

Every state allows pet trusts, but each state has different legal requirements. Drafting a legally binding and enforceable pet trust is a critical step for Arizona residents. Drafting your own pet trust may create more problems later down the road. Use an attorney that is knowledgeable about pet trusts.

 

Caring For Your Animals After Your Passing Means Caring For Them Now

Setting up a pet trust can work for many different situations. If you have dogs and cats at home, you may want to set up a trust to care for them. Maybe you have exotic pets that really need specialized care and supervision. I have a client that has many horses that need to go to a caretaker that knows and understands the special care required for horses and also has property that is able to accept and keep horses. Maybe your heirs know nothing about horses and you need a caretaker that can provide a stall, feed, and proper care for the horse during their life, or just until they can be sold to a good home. Either way, a pet trust may be right for you. Click below to discuss options for your furry companions. PS-As a mobile estate planning attorney, I’ll come to you!