A Pet Trust?
By David Edge
Sometimes we have a furry friend that we want taken care of if something happens to us. Many of these pets have become close family members and we want their welfare cared for, after we’re gone.You can have a Pet Trust just as a stand-alone, or incorporate the Pet Trust as part of your overall Trust. There is a short list of considerations:
- 1) First of all, who do you want to select to look after your pet? This should be someone who is already familiar with your pet and your pet knows and trusts. This will help with the transition when and if your pet needs a new caregiver.
- 2) Keep in mind that the trustee of your Trust does not have to be the designated person to take care of your pet. You can have a trustee and a custodian for the pet.
- 3) You can have your pet in a current Trust or named in your Trust after you pass.
- 4) As long as your Trust is in order, you need not file with any court. The court will only get involved if someone of interest requests the Court intervention.
- 5) You will be the sole person to decide how much money to set aside for the care of your pet. No minimum or maximum is required.
- 6) Yes, you can name a charity to look after your pet if need be. An organization such as your local Humane Society chapter or some other charity can look after the pet. This is a consideration if you think there will be a conflict of interest with the trustee, in that they might skimp on the care in order to keep more money for the Trust beneficiaries.
- 7) You will want to be specific about the budgeting of the care of your pet. Things such as food, veterinary care, a safe environment, and even pain management or a Do Not Resuscitate (DOR) for your pet.
Costs for providing a Trust for your pet can vary and/or be included in your original Trust expense. Call Trudy to make your appointment TODAY at 602-281-3898! Some things are too important to put off.