Socially, the emotional bond between pets and their owners can feel like family. It should come as no surprise that more owners in Arizona feel the need to set up trusts to care for their fur babies. This is especially true for individuals who own multiple pets.
How common are trusts for pets?
Some celebrities’ trusts for pets have made headlines, like Leona Helmsley, who has left a hefty trust to her pooch at a whopping $12 million. Fortunately, you don’t have to be a millionaire to take excellent care of your pets.
Depending on the legislation in your state, pet trusts are one way to keep your pet safe should you die. Under the law, pet trusts are just as enforceable as regular trusts.
How much money should go to the trust?
To figure out how much money to place in a trust fund, you need to sit down and calculate how much you spend on pet expenses over the course of a year. Then, multiply that number times the animal’s life expectancy. You may want to leave some excess money in the trust in case the animal has unexpected medical issues. Additional expenses outside of medical concerns include grooming and boarding expenses. If you plan to have a friend as the trustee, you can leave them money to take your pet to get groomed or enjoy their same quality of food. This way, your pet will feel comfortable after you pass on.
How do you go about creating a trust fund for a pet?
To set up a trust, contact an estate law attorney or include a section in your will that gives authority to a trustee who can either care for the animal or find a new home for the pet. You can learn more information about how to set up trusts to care for pets by consulting a lawyer.
Proper preparation ensures that your pet is well taken care of throughout its life. Setting up a trust fund with a sufficient amount of funds for your pet helps prevent your pet from being neglected after you pass on.