Why a Pet Trust is a Good Option to Protect Your Pets
What is a Pet Trust?
A pet trust is a blanket term used to describe funds and instructions that have been set aside to care for your pets after your death. Some individuals choose to set aside funds in an existing trust while others establish provisions in their wills.
Why Might You Want One?
A pet trust can give you peace of mind knowing that your most vulnerable family member will be cared for after you are gone. If you want to specify who takes care of your pet in the event of your death, a pet trust can be a good option. Even if you have trusted family members who would take on the responsibility of an extra pet, a pet trust can ease the financial burden of properly caring for your furry family member when you’re gone.
Things you need to determine:
- Who will be your chosen caregiver.
Don’t make your family members decide what to do with your pet for them. Pick someone responsible, whose life situation isn’t likely to change much during the remaining lifespan of your pet. Above all, make sure you pick someone your pet can come to trust, love, and be comfortable with.
- The monetary amount you want set aside for your pet.
Be sure to account for the full expected lifespan of your pet and budget plenty for emergencies. Your pet has already experienced the loss of their owner. By budgeting correctly, you ensure that their quality of life doesn’t change as well.
- What should happen to any remaining funds in the event of your pet’s death.
Many individuals who use pet trusts dictate that remaining funds be left to shelters like the ASPCA, once the pet has passed on. It’s a nice way to continue to do good in the name of someone you loved, long after you’re gone.
- Which law firm you trust to help ensure your wishes are honored.
The Mattar Firm can handle estate planning for your pets, and are fully equipped to help you with any trust you choose to leave. If you are interested in creating a trust, or amending one to include your pets, contact us today. 239-222-2222.