Pet Trusts Protect Important Companions
Pets are a significant part of many people’s lives. Many animal lovers want to be assured that if they die or become incapacitated, their pets will be taken care of. A pet trust provides that peace of mind by allowing a pet owner to create and fund a trust for the benefit of a single pet or multiple pets.
The attorneys at Triangle Law Group understand how much pet owners love their companions because we have pets of our own. We encourage our pet-owning estate planning clients to include a pet trust in their comprehensive estate plan. We will help you understand how a pet trust is structured and discuss the various details that are included in these planning tools.
How A Pet Trust Works
A pet trust designates someone who is willing to care for the pet if the owner dies or is unable to continue caring for the pet. You may wish to provide a secondary beneficiary in case the primary beneficiary is unable to care for your pet.
A pet trust provides the necessary funds to care for the animal. Instructions about care, including diet, veterinary care, grooming and other issues, should be provided in the pet trust. The trust will be supervised by a trustee who will distribute the funds and make sure the trust instructions are followed.
The amount of funding required depends upon the level of care you wish to be provided, as well as the life expectancy of the animal. You may wish to purchase pet insurance that will be part of the trust’s assets. You will also want to provide instructions on how to treat any funds left in the trust when the pet dies. That balance can be divided among beneficiaries who are named in your will, donated to a charity or anything else you determine.
Triangle Law Group is a Platinum Paw Partner with Second Chance Pet Adoptions, the oldest animal rescue organization in Wake County. Founding attorney Laurie Gengo is a longtime volunteer with the organization.
Pet Trusts By Pet Lovers
We understand how a pet can become an important part of your family because they are part of many of our families at Triangle Law Group. We welcome the opportunity to help you create a trust that will ensure your pet is well taken care of in the event you no longer can provide that care yourself.
Call 919-301-0716 or contact us online to schedule an appointment. Like all other aspects of estate planning, it’s a good idea to take steps now to develop your pet trust rather than procrastinate. If you want to add a pet trust to an existing estate plan, we can help.