Do you have a pet or pets? You know how hard it is when the pet you have loved and cared for and who has been with you for a long time passes away. However, It may be very possible that your pet will outlive you. Are you an aging adult or do you have a pet that has a longer than average lifespan? You may want to consider a pet trust to ensure your pet is cared for after you are gone. We would like to share with you more about a pet trust and give you three A, B, C, thoughts to consider in regard to a pet trust being in your estate plan.
1. Aim for the right caregiver. You know your pet best. When you set up your pet trust, you will be able to name the right person to care for your pet. Now, your adult child may feel it would be his or her responsibility to take your pet. However, your adult child does not have the right circumstances at home to do so, perhaps because of having very young children or already having pets of his or her own. By choosing a different friend or relative you can ease the pressure on your adult child and it gives you the chance to make that choice yourself, rather than having it be decided under stressful circumstances later on.
2. Be sure to provide financial support for your pet. In most states, when you create a pet trust, you are permitted to instruct the trustee, the person in charge of handling the money in the trust, to make distributions to your pet’s caregiver on a monthly or annual basis. This can be done for either the remainder of your pet’s life or for 21 years, whichever is shorter. In some states, the cut-off is simply for the remainder of your pet’s life. This can be an important point if you have a less common type of pet, like a bird or lizard, who could live beyond 21 years after your death because their breed has a longer-than-average lifespan.
3. Comfort of your pet is important. Like many humans, your pet may have special medical needs, or personal preferences. You are allowed to put as many specific instructions as you wish into a pet trust. For example, you can state that the pet needs to see a certain veterinarian, for as long as that person is practicing, or that the pet needs to be seen two, three, or four times per year. You can also leave funds for a more expensive brand of food if your pet needs that brand. This can be important for many pet owners who want their companion to be comfortable after they are gone.
Are you interested in establishing a pet trust? Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.