An important part of your estate plan is providing for those who depend on you – especially your pets! A Pet Trust is the best way to provide for your beloved dog, cat, bird or other cherished pet, and to ensure their proper care if you pass away before them.
A Pet Trust provides for your pet’s needs during his or her lifetime. You can direct the trustee of your Pet Trust to transfer your pet to a caretaker of your choice and to make payments to the caretaker for the expenses associated with your pet, including care, feeding & vet bills.
It is important to include specific terms in your Pet Trust, including some or all of the following:
- The name and address of the trustee of your pet trust (a trustee is like an executor, but they do not need to go to court to get approval to administer your pet trust);
- The name and address of your pet’s caregiver and an alternate caregiver (it is a good idea to name an alternate caregiver in case your first choice is unable or unwilling to act);
- Amount of compensation for your pet’s caregiver;
- Amount of money in the pet trust being left to the caregiver for the care, feeding and vet bills;
- Instructions for the trustee to regularly inspect the pet to prevent fraud by the caregiver;
- Special requests regarding the standard of care you wish your pet to have (including diet and exercise/play routines);
- Directions for distributing the remainder of the money in the pet trust once your pet dies;
- Instructions on the final disposition of your pet’s body after your pet dies.
How specific should you be in your instructions regarding your pet’s care? Detailed instructions are best to ensure your pet receives the care you want. Your instructions should be based on your knowledge of your pet and his or her preferences, exercise/play routines, housing needs and vet care.
The amount of money needed to fund the Pet Trust should be based on expected costs. If funding is too low, there may be insufficient funds to pay for your pet’s expenses. If the funding is too high, a court may step in and declare the Pet Trust excessive and invalidate it after you pass away.
Pet Trust Alternatives
If a Pet Trust is not right for your situation, there are other options for providing for your pet:
- You can make a conditional bequest in your living trust or last will whereby you give money to a specific person with the condition that the money be used for your pet’s care;
- Bequeathing your pet to a specific person, along with money for your pet’s care.
Creating a Pet Trust
If you are considering a Pet Trust or a bequest in your living trust or last will regarding your pet, we can help. We prepare Pet Trusts and include pet provisions in our client’s living trusts and last wills to provide for and protect their pets. Please call us at (760) 673-7600 or visit our website for more information on Pet Trusts at https://rudolphlegal.com/practice-areas/estate-planning/pet-trusts/.