Pet Trust

Understanding

Pet Trusts

Ensuring Your Pet’s Care After You’re Gone

A pet trust is a legal arrangement that provides for the care and maintenance of your beloved pets if you become incapacitated or pass away. For many pet owners, animals are part of the family, and a pet trust ensures they will continue to receive the love and attention they deserve. This planning tool offers peace of mind and allows you to make detailed arrangements for your pet’s future.

How Does a Pet Trust Work?

A pet trust operates like any other trust but is specifically designed to benefit your pet. Here’s how it typically works:

1. Grantor: You, the pet owner, establish the trust and set its terms.
2. Trustee: You designate a trustee who will manage the funds in the trust and ensure they are used for your pet’s care.
3. Caregiver: You select a caregiver who will take physical custody of your pet and provide day-to-day care.
4. Funds: You allocate funds in the trust to cover expenses such as food, veterinary care, grooming, and other needs.
5. Remainder Beneficiary: After your pet passes away, any remaining funds in the trust are distributed according to your instructions, often to family members or a charity.

Benefits of a Pet Trust

1. Ensures Your Pet’s Well-Being: A pet trust legally obligates the trustee and caregiver to follow your specific instructions for your pet’s care.
2. Avoids Uncertainty: Without a trust, your pet’s future may be uncertain. A trust provides clear guidelines and financial resources for their care.
3. Flexible and Detailed Planning: You can outline everything from dietary preferences and medical care to preferred living arrangements for your pet.
4. Legal Protections: Pet trusts are legally enforceable, giving you confidence that your pet’s care will be carried out as you intended.

Common Uses for a Pet Trust

A pet trust can be beneficial in many situations, such as:

• Planning for long-lived pets, such as parrots or tortoises, that may outlive their owners.
• Ensuring care for multiple pets or pets with special medical or dietary needs.
• Providing for pets when family or friends are unable to assume the responsibility.
• Supporting the care of exotic animals that require specific expertise.

How to Create a Pet Trust

1. Consult an Estate Planning Attorney: An experienced SMITH | ASHCRAFT attorney can help you draft a legally valid trust that meets your needs and complies with state laws.
2. Choose a Caregiver and Trustee: Select reliable individuals who are willing and able to carry out your wishes. The trustee and caregiver can be the same person or different individuals.
3. Determine the Funding Amount: Estimate how much money will be needed to cover your pet’s lifetime expenses.
4. Include Detailed Instructions: Be specific about your pet’s needs, preferences, and routines. The more detailed your instructions, the better the caregiver can fulfill your wishes.
5. Review and Update the Trust: As circumstances change, review and update the trust to ensure it remains accurate and effective.

Why a Pet Trust Is Better Than a Verbal Agreement

Relying on verbal promises or informal agreements with family or friends may not always ensure your pet’s care. Circumstances can change, and without legal enforcement, your pet’s future could be jeopardized. A pet trust provides:

• Legally Binding Instructions: Ensuring your wishes are followed.
• Financial Resources: Guaranteeing funds are available for your pet’s care.
• Continuity of Care: Providing clarity and reducing the risk of disputes.

Why SMITH | ASHCRAFT

At SMITH | ASHCRAFT, we understand how much your pets mean to you. Our experienced estate planning attorneys can help you create a pet trust that provides for their care and ensures their future is secure. Contact us today to schedule a consultation and discuss how we can help you plan for your pets’ well-being.