Pets can become an important part of a family. They can provide companionship and an incentive to exercise. They can teach children about personal responsibility and the needs of others. In some cases, the pets that people love also require consideration in their estate planning paperwork.
A thorough estate plan provides protection for all dependents, including the companion animals in a family. Sometimes, pet owners actually need to add pet trusts to their estate plans to ensure their beloved animals receive appropriate support after they die. The following are some of the situations that might warrant the creation of a pet trust.
A long-lived animal
Certain types of animals live far longer than others. Most cats and dogs live between one and two decades, sometimes a bit longer. Rabbits and other small pets often have shorter lifespans. Parrots and tortoises, on the other hand, can outlive multiple generations of the same family. Animals that live a long time, including horses, may require a pet trust for their care.
An animal with medical challenges
Sometimes, the care costs for an animal are significant. They may require specialized food or regular medication that can be relatively costly. A pet trust helps ensure that there are resources available to meet the needs of the animal even after the current owner dies. Anyone who might inherit the animal through a traditional will might not have the resources to care for the pet or might resent the expense involved.
Concerns about abandonment or euthanasia
Technically, pets are property. Some people simply bequeath their companion animals to a specific family member. That choice can ultimately be a mistake if the person who inherits the pet does not want that burden. They might choose to euthanize or surrender the pet to a shelter. A pet trust helps ensure that an animal receives proper support and doesn’t end up put down or surrendered to a facility because family members choose not to care for it properly.
The trustee can take action when those caring for the pet don’t adhere to the guidelines set by the trustor providing for its care. The choice to name a trustee to manage the resources allocated for a pet can help prevent scenarios where someone with bad intentions accepts ownership of the animal for financial gain.
Creating and properly funding a pet trust can provide an animal with support and can help provide their owner with greater peace of mind. Ultimately, those who love animals sometimes need to plan carefully for their protection.