As a pet parent, it’s difficult to look toward a future in which you may not be able to care for your animal. However, if you put this off, you’re putting your pet at risk. And that’s not a risk you want to take.
A pet trust is one of the best ways to protect the future well-being of your pet (or pets). With this estate planning tool, you can ensure that your pet is taken care of in the event of your death or incapacity.
It costs roughly $27,000 to $45,000 to care for a dog throughout its lifetime. While you may be okay with this while you’re alive, you never know what could happen after you pass.
Here are some of the many benefits of creating a pet trust:
- Provide care instructions: This is the best place to provide instructions to the person who will be caring for your pet. You can include details related to things such as medical needs, the type of food it should eat and daily care requirements.
- It’s legally sound: You can make some pet-related decisions in your will, but it’s not as legally sound as a pet trust. This is much more likely to stand up to a challenge in court.
- It’s fast: With a pet trust, the terms and conditions are activated immediately upon your death. But with a will, as a result of the probate process, this doesn’t always hold true.
- Incapacity planning: A will doesn’t kick in until you pass on. A pet trust, however, can go into effect if you’re incapacitated as the result of a serious illness or injury. This will put your mind at ease.
- Financial control: For instance, you can set aside a specific amount of money for the care of your pet. You can also provide guidance for the use of the funds.
Do you need a pet trust?
There’s no legal requirement to create a trust, but if you want to do what’s best for you pet is something to strongly consider. Once this is part of your estate plan, you’ll feel better about the future well-being of your pet.