Have you ever considered what would happen to your beloved pets in the event of your passing or incapacitation? No different than preparing for the care of minor children, you can create an estate plan that encompasses financial and guardianship care for your pets by utilizing a pet trust. As more people are becoming aware of pet trusts, they are becoming increasingly popular.
There are a number of things that a pet trust can manage after you have passed or during any periods of time where you are physically or mentally incapacitated. Some of these include:
- Provision of funds for your pet’s care
- Appointment of a financial guardian and/or caretaker guardian
- Offer provisions for how to manage your pet’s care, inclusive of general care and healthcare
- Allow for a pet to stay with you for as long as possible even when in a facility
- Designate how to disburse trust proceeds after your pet’s death
A pet trust can either be created as a standalone document or imbedded directly within your personal trust or will. Speaking with a knowledgeable estate planning attorney can you help you figure out the best way forward.