Planning For Your Pets
HAVING A PLAN FOR YOUR PETS AFTER YOU'RE GONE IS ESSENTIAL!
If you are a pet owner who loves and cares for your furry companions, your estate plan should also include provisions for their well-being. At DeCosimo Law, we specialize in ensuring your pets are looked after when you're no longer there to care for them.
Read here about why leaving your pet in your will won’t protect them
WHAT IS A PET TRUST?
A pet trust is a legally established arrangement that allows you to provide for the ongoing care and financial support of your pets in the event of your disability, incapacity, or death. It is a legal document designed to ensure that your pets are cared for according to your wishes and are not left without the necessary resources and protection.
Here's how a pet trust typically works:
Creation of the Trust: You, as the pet owner (the grantor), establish the pet trust, specifying its terms and conditions. This includes naming a trustee, who is responsible for managing the trust assets and overseeing the care of your pets.
Funding: You transfer assets into the trust, such as money, investments, or property, to provide for the financial needs of your pets. These assets are then managed by the trustee.
Care Instructions: In the trust document, you provide detailed instructions on how you want your pets to be cared for. This can include information about their daily routine, dietary preferences, medical needs, and any other specific requirements.
Appointment of Caregivers: You name one or more caregivers who will be responsible for the day-to-day care of your pets. This could be a friend, family member, or a professional pet caregiver.
Successor Caregivers: In case your primary caregivers are unable or unwilling to fulfill their responsibilities, you can name successor caregivers to step in and continue the care of your pets.
Distribution of Assets: You specify how the trust assets should be used for the benefit of your pets. This can include expenses related to their food, medical care, grooming, and other needs.
Termination of the Trust: The trust continues until your pets pass away, at which point any remaining assets can be distributed according to your instructions. You may also specify a charitable organization or individual to receive any surplus funds.
Pet trusts are legally recognized in many jurisdictions, although the specific requirements and regulations can vary. It's essential to consult with an attorney who specializes in estate planning and pet trusts to create a legally sound and enforceable document that will protect your pets and their well-being. This way, you can ensure that your pets are taken care of in the manner you desire, even after your passing.
Read here about how to plan a “Pet Trust” to protect your pet after your death
