Our pets are such an important part of our lives. We consider them members of the family. It is only natural that we are concerned about who will care for our pets in the event of our death and where the money will come from to provide that care. Pet Trusts remove this uncertainty from our thoughts and allow us to provide for our pets after our death.
Pet Trusts are most commonly used for dogs, cats, horses, snakes and parrots as these animals all have long life expectancies. However, a Pet Trust can be used for any pet.
Pet Trusts allow a pet owner to name a caretaker for their pet as well as to name a Trustee to manage the trust funds for the benefit of the pet. The Trustee may or may not be the same person as the caretaker. A Pet Trust also allows a pet owner to specify how trust funds are to be used for the care of their pet.
Pet trusts can be funded during life, meaning a client can place money into the trust during their life, or they can be funded at death through a client’s trust or Will. The benefit to funding a Pet Trust during life is that, in the event of the owner’s disability or incapacity, the trust funds can be used for the benefit of the pet immediately, as opposed to after the owner’s death.
Pet trusts can be included as part of a new estate plan but are also easily integrated into an existing estate plan.
Our Equine and Pet Trust Planning services include:
- Meeting with the client to get to know the client, the pet/s and the client’s wishes regarding their pet’s care
- Making recommendations as to how to integrate a client’s wishes regarding their pet into their estate plan
- Drafting Pet Trusts
- Administering Pet Trusts