Because eighty seven percent of American citizens consider their pets to be members of their family, making a pet trust just makes sense. There is no greater peace of mind with knowledge you’ve provided for your family, whether 4-legged or feathered. Keep reading to discover how to create a trust for your pet.
It’s common knowledge that American citizens are pet lovers. And from Hawaii to Rhode Island, pet trusts are the newest wave on the constantly growing pet marketplace. Actually, more and more states are passing statutes that enable pet owners to create pet trusts.
A pet trust enables you to manage how your pet is going to be cared for in the event of your passing. Establishing a pet trust enables you to leave funding for your pet’s care and even appoint a guardian for them. Given the considerable bonds among pet owners and their pets, it’s no wonder that pet trusts are increasing in popularity.
But one word of advice: laws regarding pet trusts vary by state. Specific legal terminology is required to establish an executable trust for a pet’s care. Most of the fifty states now have adopted particular statutes governing pet trusts. Thanks to these modifications in the law, you can now add a couple of sentences to your will or living trust to create a pet trust.
Trustees vs. beneficiaries: What are the differences?
Even the smartest of pets cannot oversee their own finances. That’s the reason you need to appoint a human trustee to oversee the trust. The trustee is going to be responsible for managing financial matters. A beneficiary, however, is responsible for the care of your animal daily.
You should be careful when selecting trustees and caregivers as these individuals are going to care for your pets and the funding you leave behind. You might also want to think about alternates in case your initial selection is unavailable.
A lot of individuals select caregivers the pet is already acquainted with. That’s why family members are typical trustee and caregiver selections. And should you have a houseful of pets, you might want to appoint different individuals for different pets. Your sister that is allergic to cats might not be a good choice for your pet cat, but she might be ideal for your parakeet.
Don’t forget that your caregivers and trustees are going to be responsible for everything from daily feedings to medical care. As you’re devising your pet trust, you want to take into consideration how much funding to leave in the trust. Anticipate how much funding it is going to take to care of your pet until the end of its life. Additionally, trusts usually include compensations for the caregiver and trustee.
The risks of pet trusts
It’s no surprise that pet trusts have been subject to fraudulent actions. Ultimately, pets can’t complain about abuse or sue their caregivers. And there’s been cases of replacement pets bought as stand-ins following the passing away of the original only to keep trust fund payments coming.
Nevertheless, there are ways to safeguard yourself and your pet. Inside of your will, declare your pet’s name and breed and take down any identifying marks. And when your pet has a microchip, take down its number inside of your will. That is one sure fire way to stop impostor pets from masquerading as the real deal.
Conclusion
At the end of the day, no one wants to see pets end up at the shelter just because their owners have passed on. It’s always distressing to think of leaving family behind. But there’s no better sense of security than knowing you have provided for your beloved pet – whether they are four legged or feathered.
Source:
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Knight, T. (2023, March 24). Protect your prized pet: Create a pet trust. LegalZoom. Retrieved April 27, 2023, from https://www.legalzoom.com/articles/protect-your-prized-pet-create-a-pet-trust
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