Pet Trust Basics

Let’s face it: we love our pets! In fact, many people consider them to be part of the family. But have you ever stopped to think who will take care of your beloved animal after you’re gone?

Of course, no one can care for Spot or Mr. Whiskers the way you do but if you’re suddenly no longer able to provide the care your pet needs, someone will have to step in and take over — now wouldn’t you like to have some control over who provides that care and more importantly, the kind of care they give?

Fortunately, there’s a way to do just that.

What is a pet trust?

A pet trust is a legal arrangement to provide for the care of a pet in the event of the pet owner’s death or disability. Many attorneys that handle trust law (wills, power of attorney, or estate law) also handle pet trust law issues. Also, there are companies that can be found on the Internet where an individual can set up a pet trust fund.

How does the trust work?

The pet owner sets aside money or property to a trusted person or a bank, legally referred to as the trustee. This trustee is responsible for making the arrangements for the proper care of your pet according to your instructions. The designated trustee will deliver the pet to the designated beneficiary (new caregiver). The money or the property you set aside in the trust will pay for the pet’s care and maintenance in the home of the new caregiver.

Actually there are two main types of pet trusts – the traditional trust and the statutory trust. The traditional trust is the most common; the statutory trust is not available in all states. However, if your state does not have a pet trust statute, you can still create a traditional pet trust. You can find out the trust statues in your state by looking on the internet.

With the traditional trust, the owner selects a trustee to help the person providing care for the animal by paying for all expenses related to the pet according to the deceased pet owner’s direction.

The statutory trust is more of a basic plan which does not require many decisions on the part of the pet owner. All the owner needs to do is put a provision in their will saying “I leave ‘X amount’ in trust for the care of my (dog/cat/etc.).”

Bottom line is that a pet trust fund will help secure your pet’s future.

Petsguidehelp.info was created by the founders of The American Academy of Estate Planning Attorneys ( http://www.petsguidehelp.info/ ), a national organization promoting excellence in estate planning by providing its exclusive membership of attorneys with up-to-date research, educational materials, and other vital practice management techniques. To learn more about pet trusts and how they work, visit our website.

Aother – R G Armstrong and Sanford M. Fisch