You adopted your dog later in life, and you know there’s a possibility that you could outlive him. While you do have family members that have said they’d take him if you passed away, you want to guarantee that will happen. The last thing you want is for your beloved pet to end up in a shelter or euthanized because of no longer having a home.
Pet trusts are designed to help with situations like this. Pet trusts take little time to set up, and they make sure your pet gets the care and attention needed after your death.
Why choose a pet trust?
A pet trust is legally enforceable, and a trustee monitors the trust to make sure that the beneficiary takes care of your pet as designated. The trustee may check in several times a year to make sure the trust is upheld, since failing to do so is a violation of the law in some cases.
Pet trusts have several benefits including making it possible to set aside funds for your pet’s care and to set aside assets for the beneficiary. You could, for instance, state that each year the pet receives care as you desire the new guardian of your pet is paid $500. You can state that you want the pet to receive a daily walk, to have twice-yearly checkups, or set aside money for surgeries or other care your pet may need in the future.
Pet trusts allow you to appoint a specific guardian for your pet in the case of your death. You may choose to leave your pet to a friend, family member or another party, depending on your preferences.
A pet trust has a number of benefits to consider. If you have a pet, make sure he or she will have the care necessary after you pass.